Deutsche Bank upgrades AutoStore to Buy on strong momentum

Deutsche Bank upgraded AutoStore to a Buy rating on Wednesday, citing the company’s strong operational momentum and improving demand outlook in the warehouse automation sector.

The German lender raised its target price to 600 Norwegian crowns from 450 crowns, representing a potential upside of roughly 25% from current levels. The upgrade reflects expectations for sustained growth driven by e-commerce expansion and supply chain modernization trends.

AutoStore, a provider of robotics-based storage systems, has seen rising order intake and improved profitability in recent quarters, according to Deutsche Bank’s analysis. The firm’s technology, which optimizes space utilization in warehouses, has gained traction amid surging online retail activity and labor shortages in logistics.

The upgrade follows a series of positive analyst revisions for AutoStore, which listed on the Oslo stock exchange in 2021. Competitors in the automation space have also benefited from similar tailwinds, including increased investment in warehouse robotics by major retailers and logistics operators.

Deutsche Bank’s upgrade is based on a combination of company-specific momentum and broader industry trends. The bank expects AutoStore to continue benefiting from structural demand for automation solutions, particularly in high-cost labor markets.

Shares of AutoStore were trading higher in early Oslo trading on Wednesday, though the stock has declined about 10% year-to-date amid broader market volatility.