Deutsche Bank Upgrades AutoStore to Buy: The Factors Behind the Move and the New NOK 20 Price Target

Deutsche Bank noted that these results demonstrated that "improving commercial execution, stronger customer engagement and record order intake are increasingly translating into sustainable growth" for the company .

The company also reported a gross margin of 72.2% and an adjusted EBITDA margin of 45%, underscoring its pricing power and operating leverage .

The Amazon Global Supply Agreement

On August 13, 2026, AutoStore announced a global strategic supply agreement with Amazon, establishing the commercial terms for Amazon to procure AutoStore’s warehouse automation systems worldwide . While AutoStore stressed that the agreement does not contain any firm purchase commitments, Deutsche Bank viewed it as a major strategic validation that opens a high-volume channel with the world's largest e-commerce and logistics operator .

The deal positions AutoStore’s cube-based automated storage and retrieval system for potential deployment across Amazon's massive fulfillment network, a market that could dramatically expand AutoStore's addressable opportunity.

A $75 Million Share Buyback Program

Alongside the results and the Amazon announcement, AutoStore announced a $75 million share buyback program. Deutsche Bank viewed this as a strong signal of management confidence in the company's cash generation and future prospects .

Secular Tailwinds in Warehouse Automation

Beyond company-specific catalysts, Deutsche Bank's upgrade recognized the powerful macroeconomic and industry trends supporting the broader warehouse automation sector. As e-commerce growth, labor-cost inflation, and supply-chain resilience investments continue, demand for automated fulfillment solutions is accelerating . At the time of the upgrade, AutoStore already operated roughly 2,000 automated warehouse systems across 68 countries, giving it a significant installed base to capitalize on these trends .

Key Caveat

Deutsche Bank's NOK 20 target was notably above the consensus price target of approximately NOK 13.52 at the time, reflecting a markedly more bullish view on growth durability post-Amazon deal . The stock rose 21.1% on the news to reach NOK 16.82 in early trading after the results and partnership were announced , and it gained a further 1.45% in early Oslo trading following the Deutsche Bank upgrade .