Berenberg Lifts AutoStore Estimates, Price Target on 'Strong' Momentum After Q2 Report

07:38 AM EDT, 09/08/2026 (MT Newswires) -- Berenberg raised its forecasts and price target for AutoStore Holdings (AUTO.OL) as analysts took note of the company's strong momentum following record revenue and order intake for the second quarter. The automated storage and retrieval system manufacturer reported second-quarter revenue of $192 million, up 43% year over year, while order intake grew 45% to $218 million. For full-year 2026, AutoStore expects revenue of $700 million, which the research firm said in a Tuesday note implies a weaker second half, reflecting the "management's prudence rather than deterioration in momentum." "Following a consistent decline in estimates since the company's IPO, estimates have inflected upward since Q125. AutoStore had record order intake in Q2 and we believe that recent improvements in macro indicators, as well as peer read-across, suggest momentum should remain strong. Broad-based demand and an underpenetrated automation market leave AutoStore well positioned as the leader in cubic storage technology," the note said. As such, Berenberg raised its sales, EBIT, and EPS projections for 2026 through 2028. Analysts also increased their price target for the buy-rated stock to 20 Norwegian kroner from 14 kroner. "We believe a premium to the wider peer group is justified, given AutoStore's strong competitive position and high margins," the note added.