The DAX rose by around 23 percent in 2025, recording its strongest year since 2019. Five stocks particularly stood out, some with triple-digit price gains – but where do analysts still see potential for 2026?
• In 2025, the DAX recorded its strongest year since 2019
• Rheinmetall led the DAX winners in 2025 with an increase of 154 percent
• JPMorgan names highest price targets for four of the top five stocks
Armor and energy as driving forces
With an annual increase of around 154 percent, Rheinmetall secured the top spot among the DAX stocks in 2025. The defense company benefited from the persistently high demand for defense equipment in the wake of geopolitical tensions. At the end of the year on December 30, 2025, the share was at 1,561 euros on XETRA. According to analyst estimates, the average price target is 2,152 euros, which corresponds to a further upside potential of around 31 percent. UBS is particularly optimistic with a price target of 2,500 euros, while JPMorgan sets 2,250 euros and Berenberg 2,340 euros. The consensus is clearly positive with nine buy recommendations and only one hold recommendation.
Siemens Energy follows in second place among the DAX top performers in 2025 with a price increase of around 139 percent. The share closed the year at 120.40 euros. The energy transition and the increasing need for infrastructure for data centers and artificial intelligence drove demand for the group’s products. However, analyst opinions differ greatly here: While JPMorgan paints the most optimistic scenario with a price target of 160 euros, Goldman Sachs (139 euros) and RBC (136 euros) see moderate upside potential. Barclays, with 85 euros, and UBS and Bernstein, each with under 40 euros, are much more skeptical.
Banking sector is celebrating a comeback
The two large German banks are also among the annual winners. Commerzbank recorded an increase of around 130 percent via XETRA last year and closed at 36.11 euros. In addition to the positive interest rate environment, the takeover fantasy by the Italian UniCredit fueled the price. However, analysts see limited potential after this rally: the average price target is 32.43 euros, which is below the current level. Deutsche Bank is the most confident with a price target of 37 euros, while Barclays brings up the rear with 22.40 euros. The consensus leans towards caution with five hold recommendations.
Deutsche Bank gained almost 99 percent and ended XETRA trading in 2025 at 33.11 euros. Here the analyst consensus is more favorable: the average price target is 34.94 euros, which corresponds to a moderate upside potential of around four percent. JPMorgan (38.40 euros) and RBC (38 euros) see the greatest room for improvement. With six buy recommendations and three hold recommendations, optimism predominates.
Bayer: Recovery with uncertainty factor
With an increase of around 92 percent, Bayer made it to fifth place among the top performers. The share recovered from its lows and closed the year at 37.01 euros. Hopes of an end to the costly glyphosate legal disputes in the USA supported the price. However, analysts’ opinions remain divided: While JPMorgan sees clear potential with a price target of 50 euros, the average is 33.83 euros – and therefore below the current price. Deutsche Bank (23 euros) and Jefferies (25 euros) are particularly skeptical. The consensus with four buy recommendations and six hold recommendations reflects the uncertainty that still exists despite the price recovery.
D. Maier / editorial team finanzen.net
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