Kongsberg Stock Rises After Deutsche Bank Initiates 'Buy' Rating

Shares of Kongsberg Gruppen ASA (KOG.OL) climbed 1.9% to NOK 304.9 in Tuesday's trading session, propelled by a new 'Buy' rating from Deutsche Bank and continued positive sentiment around the company's acquisition strategy.

Deutsche Bank Cites Growth Story

Deutsche Bank initiated coverage on the Norwegian technology group with a NOK 360 price target, highlighting what it described as a structural growth story. The bank's analysis pointed to several key factors supporting its positive outlook:

• An all-time high order backlog of NOK 158 billion.
• A stated company ambition to reach NOK 100 billion in revenue by 2029.
• The Missiles business is projected to be a primary value driver, with an estimated annual growth rate of approximately 40% through 2030.

This new coverage provides a strong institutional endorsement for Kongsberg's strategy, which is focused on capitalizing on increased European defense spending and advancements in maritime technology.

Acquisitions Signal Expansion

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Adding to the positive momentum was the company's recent M&A activity. Kongsberg announced on September 9, 2026, that its Kongsberg Maritime division had agreed to acquire Steerprop, a Finland-based specialist in propulsion solutions. The transaction, which is pending regulatory clearance, follows the recent completion of the Sonatech acquisition.

These moves signal the group's continued execution of a bolt-on acquisition strategy aimed at deepening its technology portfolio and market position.

Market and Valuation Context

A supportive broader market, with gains in both the Oslo Børs benchmark index and U.S. equities, provided a favorable backdrop for the stock's advance. Despite the recent gains, Kongsberg's current share price remains significantly below its 52-week high of NOK 425.9, suggesting potential for further re-rating as the company converts its substantial backlog and expands its operational capacity.