Bechtle's target price has been lowered by UBS from €44.60 to €36, with a "Neutral" rating due to short-term challenges.
Analyst Michael Briest adjusted earnings estimates for the third quarter and up to 2026 by up to five percent, citing headwinds highlighted by the company's performance.
The valuation model no longer includes a previously considered discount.
Despite the downgrade, Bechtle has performed well, gaining 106% since being recommended as a champion share by boerse.de.
The company is also part of the boerse.de technology fund and the boerse.de dividend fund, which collectively hold investments in 61,840 shares valued at nearly €2 million.