Goldman Sachs Lifts Airbus Price Target to €240 on Strong Q2 Delivery Outlook

Goldman Sachs has increased its 12-month price target on Airbus SE to €240 from a previous €230, maintaining its "buy" rating on the aerospace giant. The investment bank's optimism is rooted in an expected rebound in aircraft deliveries and a lower cost of capital assumption, according to a note to clients.

Analyst Expectations for Q2

Goldman Sachs anticipates a strong second-quarter earnings report from Airbus, scheduled for July 29. The bank projects group revenue of €19.99 billion and group EBIT of €2.10 billion, translating to an EBIT margin of 10.5%. This performance is expected to be driven by a significant recovery in commercial aircraft deliveries as an A320 family fuselage panel issue eases.

The forecast also accounts for the delivery of approximately 20 aircraft to China that were delayed from the first quarter. In the Commercial division, Goldman expects margins to improve by about 60 basis points year-over-year, supported by higher volumes and a more favorable delivery mix. The bank also noted a solid outlook for the Helicopters and Defence & Space divisions, citing robust activity and demand.

Valuation and Investor Focus

The price target upgrade was also influenced by Goldman Sachs lowering its weighted average cost of capital (WACC) assumption for Airbus to 9% from 9.3%, reflecting the company's lower beta. Airbus shares have already gained more than 20% since its first-quarter 2026 results, as investor expectations build for a catalyst-rich second half of the year.

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Looking ahead to the upcoming Farnborough Airshow, Goldman Sachs anticipates investor focus will shift to supply chain stability and potential updates on commercial EBIT guidance at full production rates. The bank suggests Airbus could indicate a potential Commercial EBIT level of approximately €10 billion once its production ramp-up is complete.

Future Outlook and Risks

Goldman Sachs highlighted the planned production increase for the A320 family to a rate of 75 aircraft per month. This ramp-up implies about 255 incremental narrowbody deliveries compared to 2025 levels, which the bank estimates could contribute around €4 billion in additional EBIT.

Despite the positive outlook, the firm identified several potential downside risks for the company, including:

• Further downgrades to delivery guidance
• Unfavorable foreign exchange movements
• Headwinds in its Space business