Berenberg Updates Rational AG Estimates After 'Mixed' Q3 Results; Buy Rating Kept

07:52 AM EST, 11/06/2026 (MT Newswires) -- Berenberg revised its earnings estimates for Rational AG (RAA.F) after the German industrial kitchen appliances maker recorded a "mixed" third-quarter performance. Rational reported third-quarter sales revenue of 332.2 million euros, up 6% year over year, while gross margin rose by 1 percentage point on reduced tariff rates in the US, lifting the EBIT margin to 27.5% from 25.9%, which analysts said was the "strongest" third-quarter operating margin since 2019. "Rational's Q3 profit beat expectations, with sales in line. FY26 revenue was guided to the low end of the range, though this was compensated for by an upgrade to margins (from 25-26% to 26-27%). Overall, it was a mixed print in that regard. We were pleased to note the strong growth of iCombi (+7% yoy) and a +150bp increase in EBIT margin yoy; indeed, our bullish view on margins has been the core of our Buy case," the research firm said. The stock's price target of 835 euros was maintained. Berenberg trimmed its 2026 sales estimate and increased its EBIT and EPS projections, while forecasts for 2027 to 2028 were reduced, reflecting "a mildly more conservative view" on growth rates for those two years.