TeamViewer's stock fell about 3% Wednesday after Bernstein lowered its estimates and price target, warning that growth is set to decelerate as AI disruption risks loom. The brokerage cut its adjusted EPS forecasts for the 2026-27 financial year by around 11% on average, citing 'slowing growth prospects' and rising near-term disruption risks linked to AI.

Bernstein reduced its price target to 7.60 euros from 11 euros previously while maintaining a Market-Perform rating. Analyst Richard Nguyen argues that while AI could create long-term upside, the transition carries 'high near-term disruption risks.' The brokerage positions TeamViewer as an 'AI Transformer,' meaning AI can replicate parts of its core value, creating operational and margin pressure in the short term.

Nguyen warns that AI agents and large language model-powered support tools can 'replicate a significant portion of the value that sits on top of remote connectivity,' compressing differentiation at the workflow level. While profitability remains resilient with FY26 adjusted EBITDA margin guided at around 43%, Nguyen said material top-line acceleration 'may not emerge in the near term.' The company expects the first quarter of 2026 to be weak, with annual recurring revenue growth of just +2% at the exit of FY25.