Frankfurt, May 5, 2026, 15:07 CEST
Hochtief shot above €500 on Tuesday, driving a new record streak that’s already outpaced the latest analyst price targets ahead of next week’s quarterly numbers. Shares were changing hands at €517 on Xetra at 14:52, up 13.1%. The day’s high: €523.
Investors are shifting their view of Hochtief, no longer seeing it just as a standard contractor but increasingly as an access point to the fast-growing world of AI infrastructure—especially data centers, which demand rapid construction and robust power setups for cloud and AI giants. According to finanzen.net, Hochtief shares topped the MDAX after pushing through the €500 mark, notching gains of over 50% for the year.
Jefferies bumped its price target on Hochtief to €480 from €387, sticking with a “Hold”—the broker isn’t calling it a buy despite the higher target. Finanzen.net’s analyst page named Graham Hunt as Jefferies’ analyst, and showed Hochtief trading above even the new target. The average analyst target sat at €392.85. Finanzen
Hunt said in a dpa-AFX Analyser note picked up by wallstreetONLINE that this earnings season has underlined one thing: demand for data-center capacity is still “by far” outstripping supply. He added he’s looking for that trend to show up in Hochtief’s first-quarter numbers. Wallstreet Online
Investors still have plenty to chew on when it comes to Hochtief’s latest figures. The Essen-based company reported back in February that operational net profit—their preferred adjusted metric—jumped 26% to €789 million for 2025. New orders soared to €52.6 billion and the backlog touched €72.5 billion. CEO Juan Santamaría pointed to Hochtief’s position as a leader in what he called “rapidly expanding strategic growth verticals” like AI, digital and tech, energy, critical minerals, and defense. Hochtief
Data centers are front and center for Hochtief. The company reported €16.8 billion in new orders across its AI, digital, and tech division for 2025—about 21% of its total backlog. Looking ahead, Hochtief is projecting 2026 operational net profit between €950 million and €1.025 billion, an increase of 20% to 30%.
Investors won’t have to wait long—the company’s January-March report lands May 11, according to Hochtief’s financial calendar. That should offer a clearer look at the order book and margins following the stock’s steep move.
Other names climbed as well, though the gains weren’t uniform. WallstreetONLINE showed Bouygues ahead by 1.9%, Skanska edging up 0.7%, and Vinci posting a 2.56% increase for Tuesday. The outlet also called Hochtief a global player in construction and infrastructure, noting its significant roles via Turner in the U.S. and CIMIC in Australia.
The rally has rewritten the numbers. According to finanzen.net’s Tuesday report, €10,000 put into Hochtief on May 5, 2016, would now be valued at €40,211.08—assuming the latest close at €457.20. That’s a 302.11% jump, not counting stock splits or dividends.
The stock’s run has already outpaced Jefferies’ new €480 target, even as the firm sticks with its Hold rating. If data-center orders, cash flow, or construction margins fall short of what the market wants to see on May 11, defending these gains could get tricky.
