Montega Reiterates Buy on Smartbroker Holding With EUR 17 Price Target

• Montega reiterated its Buy rating on Smartbroker Holding on Nov. 3, 2026, with an unchanged 12-month price target of EUR 17.
• The broker cut its 2026 gross new-customer target to about 55,000 from approximately 100,000 amid persistent investor caution.
• Revenue guidance fell to EUR 65 million–EUR 70 million from EUR 67 million–EUR 72 million, partly reflecting weaker media revenue.
• Operating EBITDA guidance rose to EUR -1 million–EUR 2 million from EUR -1.5 million–EUR 1.5 million as customer acquisition costs declined.
• Montega raised its operating EBITDA estimate to EUR 1.4 million, reflecting acquisition-cost savings.

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