Quirin Privatbank Updates TeamViewer AG to "Buy" with New Target Price

Quirin Privatbank Kapitalmarktgeschäft has updated its recommendation for TeamViewer AG, confirming a "Buy" status with a new target price of EUR 15.50. This decision follows the release of TeamViewer’s second-quarter financial results. The company demonstrated stable revenue growth, driven by strong performance in Enterprise, EMEA, and APAC sectors.

Despite these positives, revenue was negatively impacted by political uncertainty and IT budget cuts in the American public sector, in addition to weaker demand from small and medium-sized businesses. New product launches, like DEX Essentials and expanded AI features, contributed additional growth, though their adoption is in early stages.

The company's adjusted EBITDA margin benefited from reduced marketing expenses and efficiency gains. TeamViewer reiterated its 2025 guidance with forecasted revenue growth of 5.1%–7.7% year-over-year and an adjusted EBITDA margin close to 43%. However, macroeconomic uncertainties, especially in the US, remain a concern.