Stifel maintains its Hold recommendation on the stock with a price target of 11 € following the announcement of OVHcloud's first-quarter 2026 revenue.
OVHcloud posted total revenue growth of 4.5% to 273.5 million euros for the first quarter of 2026, and 6% on a like-for-like basis.
Stifel notes that organic growth of +6.0% in the first quarter of 2026 exceeded consensus by 80 basis points, mainly thanks to better-than-expected resilience in the private cloud segment (+4.0% organic), though there are signs of a slowdown across all divisions (public cloud +15.8%, web cloud and other +2.3%).
Stifel observes that the company has reiterated its targets for the 2026 fiscal year.
"We view these results as solid in a context of low expectations. With easier comparisons in the second half, this suggests the upper end of the +5% to +7% growth forecast is achievable, provided activity does not slow further," the research firm highlights.
OVH Groupe is the leading European cloud services provider, uniquely positioned to capitalize on the rapidly growing cloud market.
The Group provides business customers with a comprehensive suite of solutions designed to capture growing demand for multi-cloud and hybrid cloud strategies, while meeting the surging demand for data sovereignty and trusted cloud solutions.
OVH Groupe provides 1.6 million customers - composed largely of SMBs, large and tech enterprises, as well as the public sector - with a comprehensive suite of solutions in private, public and web cloud, leveraging its global network of 44 data centers, hosting over 500,000 servers across 4 continents.
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