Deutsche Bank Upgrades Amadeus IT to Buy, Citing AI Resilience

Deutsche Bank has upgraded Amadeus IT Group from 'Hold' to 'Buy.' The bank argues that market fears regarding AI disruption to the travel distribution sector are overstated. The firm raised its price target for the stock to EUR 71.50 from EUR 58.00, citing the company's role in travel infrastructure.

"AI can change where travel demand starts and increase search intensity, but it does not remove the need for supplier connectivity, fulfillment, servicing, disruption management, corporate workflow or airline IT," said Nooshin Nejati, analyst at Deutsche Bank, in a recent report.

Stress Testing AI Disruption

To evaluate the impact of artificial intelligence on the company’s business model, Deutsche Bank conducted a "hard bear case" stress test. The analysis modeled how AI-driven disintermediation might affect complex travel itineraries. The results suggested that even under a scenario of significant AI disruption, the potential impact on 2028 earnings-per-share would be limited to approximately 5% compared to the bank's base-case projections.

This outlook follows engagement between the firm's analysts and Amadeus leadership, including discussions with Nikolaus Samberger, Senior VP of Technology and Engineering, and Decius Valmorbida, President of Travel. These meetings focused on how the company's existing IT architecture integrates with generative AI tools.

Market Position and Upcoming Reporting

Amadeus IT Group acts as an intermediary in the global travel industry by providing the technical backbone for bookings, inventory management, and airline operations. Because the company provides the infrastructure for travel transactions, the bank suggests its services remain necessary regardless of how consumers discover travel options via AI interfaces.

Investors are looking toward the company’s next financial milestone. Amadeus IT Group is scheduled to publish its third-quarter 2026 results on November 6, 2026, which will provide an update on performance metrics since the analyst upgrade.