Deutsche Bank upgrades Legrand on data center growth, building recovery

Deutsche Bank has upgraded Legrand, the French electrical equipment maker, to a "buy" from "hold," citing stronger organic growth dynamics. The bank raised its price target for Legrand shares to €160 from €150, noting that the company's data center business, which now accounts for 32% of group revenue, grew nearly 40% in 2025 and is expected to grow another 30% in 2026. Deutsche Bank expects management to upgrade its organic revenue growth guidance for 2025-30 to 5%-7% from 3%-5% at an upcoming Capital Markets Day.

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