Deutsche Bank analyst John Kim upgraded Kone to a "buy" rating, raising the target price to €71 from €62. The stock closed at €60.40 on February 16, 2026, following a price pullback after Kone's fourth-quarter results. Kim identified the pullback as an entry point for investors.

The analyst projects structural modernization growth at a 15% compound annual rate over several years, with service revenue expected to accelerate to 7% growth in 2027 as the company moves past rationalization comparisons. Kone holds competitive advantages in the modernization market due to its scale and focus on partial modifications in its sales mix.