Deutsche Bank cut its price target on Mondi to 760p, from 915p, with analysts pointing to the impact on financial delivery from overcapacity and pricing pressure into 2026.
In a note, the German bank's analyst Kevin Fogarty, who still retains a Hold rating, flagged that the firm's challenges are now exacerbated by input-cost inflation linked to the Iran conflict.
Mondi last week reported Q1 underlying EBITDA of €212m, versus €290m in Q1 25 and €214m in Q4 25, with the quarter shaped primarily by a sequential volume improvement, no planned maintenance shuts and lower average selling prices.
Deutsche Bank says the Q1 trading update confirms a tougher starting point for 2026 and underpins the broker's cautious Hold stance.
