Zalando Stock Analysis: Analysts Maintain Bullish Outlook Amid Robust Earnings Growth Forecasts
BERLIN, 3 February 2026 – Zalando SE (ZAL), Europe’s leading online fashion platform, continues to draw significant attention from institutional analysts as the company navigates a shifting retail landscape. Recent data indicates a divergence between conservative revenue growth and aggressive earnings expansion, with major financial institutions issuing updated price targets this week.
Analyst Ratings and Price Targets
Market sentiment remains largely positive for the Berlin-based e-commerce giant. In the latest round of equity research, UBS analyst Yashraj Rajani maintained a “Buy” rating on Zalando, setting a price target of €36.50. This optimistic view is echoed by RBC Capital, where analyst Richard Chamberlain also reiterated a “Buy” recommendation with a target of €36.00.
However, a more cautious stance persists at J.P. Morgan. Analyst Marcus Diebel has maintained a “Hold” rating, citing a price target of €32.00. These valuations suggest a significant potential upside from the last traded price of €24.39 recorded on the Euronext Global Equity Market on 29 January 2026.
Financial Performance and Growth Outlook
Zalando is currently experiencing a period of transition in its marketing and operational efficiency. The company increased its marketing spend to 9% of sales, up from 7.4% in the previous year, focusing on long-term performance marketing to capture market share. While revenue growth is forecasted at a modest 8.7% annually, the company’s earnings are projected to grow by 21.21% per year, significantly outpacing the broader German market average of 16.3%.
Key Market Data: Zalando SE (ZAL.DE)
| Metric | Value (As of late January 2026) |
|---|---|
| Last Traded Price | €24.39 |
| Market Capitalisation | €6.30 Billion |
| Forecasted Annual Earnings Growth | 21.21% |
| Profit Margin | 2.09% |
| Short Interest (ZLNDY) | 0.01% of public float |
Frequently Asked Questions
What is the current consensus on Zalando stock?
The consensus is generally “Moderate Buy.” While major firms like UBS and RBC Capital see the stock reaching the €36.00 range, J.P. Morgan remains neutral with a €32.00 target, reflecting a balanced view of growth potential versus market risks.
How does Zalando’s growth compare to the German market?
Zalando’s earnings growth of 21.21% is considered robust, as it exceeds the average German market growth forecast of 16.3%. However, its revenue growth remains slightly slower than some high-growth tech competitors.
What are the primary risks for investors?
Investors are monitoring the increased marketing spend and the impact of consumer discretionary spending across Europe. Additionally, while short interest remains low at 0.01%, the stock has faced historical volatility compared to benchmarks like the S&P 500.