Barclays downgraded SES S.A. to Underweight from Equalweight. The bank lowered its price target for the satellite operator to €7.05 from €7.75.
Analysts cited increasing competition from low-Earth orbit (LEO) operators like Starlink and Amazon as the primary driver. Barclays believes the market is shifting focus back to company fundamentals now that C-band spectrum clearing benefits are fully priced in.
The firm’s revenue projections for the next several years are approximately 5% below market consensus. Barclays expressed concern that 2026 forecasts require significant, uncertain underlying improvements to be met.
The current valuation multiple sits at the lower end of incumbent telecom peers. This positioning reflects heightened risks to future revenue and EBITDA growth.