Barclays upgrades AutoStore on Amazon partnership and U.S. policy tailwinds

Barclays raised its rating on AutoStore to “overweight” from “equal weight” on Monday, pointing to the company’s collaboration with Amazon and possible U.S. policy changes that could strengthen its standing against Chinese competitors. The brokerage also lifted its price target on the stock to NOK20.50 from NOK18.20.

While maintaining an unchanged “neutral” stance on the European Capital Goods sector, Barclays argued that valuations have largely absorbed the negative impact of this year’s de-rating, and that steadier macroeconomic signals and earnings expectations should provide support going forward.

For AutoStore, Barclays increased its 2027-28 revenue and adjusted EBIT projections by roughly 2%, underpinned by robust year-to-date order intake, favorable industry trends, and the Amazon tie-up.

AutoStore shares have climbed 36% so far this year, against drops of 34% for KION and 25% for Jungheinrich. Barclays’ revised target applies a multiple of 25 times projected 2027 EV/adjusted EBITA, raised from 22 times, or roughly half a standard deviation above the historic average.

Barclays does not anticipate that AutoStore’s deal with Amazon will materially dent KION’s e-commerce prospects, and it reiterated an “overweight” rating on KION with a steady €64 price target. That target rests on 13 times forecast 2027 EV/adjusted EBITA for the industrial trucks and services segment and 18 times for intelligent automation solutions.

Barclays likewise kept an “overweight” recommendation on Jungheinrich, with a €39 price target derived from 13 times estimated 2027 EV/adjusted EBITA. The broker noted that Jungheinrich is the least expensive name in its coverage universe, trading at 10.5 times projected 2027 EV/adjusted EBITA and 8 times estimated 2027 earnings.

According to Barclays, second-quarter 2026 results revealed steady forklift demand and ongoing expansion in warehouse automation, although weaker-than-expected forklift margins were a letdown. The bank added that management’s revised guidance served to temper market expectations.

Year-to-date, EPS estimates for KION and Jungheinrich have been revised downward by more than 20%, a factor Barclays estimates accounts for roughly two-thirds of Jungheinrich’s share-price fall and about half of KION’s decline over the same period.

Jungheinrich has a near-term backdrop comparable to KION's, in Barclays' view, but the bank also cautioned that a possible reduction in Jungheinrich's longer-term 2030-plus targets could act as a headwind.

Data from AMZ Prep shows Amazon operates more than 1,300 fulfillment centers, distribution centers, sortation centers, and delivery stations worldwide.

Barclays estimates that the Amazon partnership could generate around $300 million in revenue, representing more than 40% of AutoStore’s fiscal 2026 revenue guidance, based on 20 centers being fitted with AutoStore systems; the collaboration is expected to last multiple years.

In addition, Barclays pointed to the U.S. government’s recent ban on imports of advanced robotics, including autonomous mobile robots, citing national security concerns. This move introduces uncertainty about the ability of Chinese warehouse technology providers to enter the U.S. market.