2026 starts after a record 2025 that few analysts and investors had expected. The IBEX 35 recorded a strong rise of almost 50% in the year, the second highest in history, only surpassed by the 54.2% that was recorded in the now distant 1993. In December, the accumulated advance was almost 6%, to historical highs above 17,300 points. But in the Stock Market, as in any other aspect of life, you can’t live from the past. And, as it is never worth remembering, past returns do not guarantee future returns.
Therefore, investors will have to meticulously scrutinize the opportunities that the Ibex 35 continues to offer for this coming year; and there are not few, in the opinion of fundamental analysts. Today, 23 of the 35 components of the IBEX 35 present an upward potential within 12 monthsaccording to data collected by Reuters. In 13 of them the potential is double digits, with 7 with a rise of more than 20% ahead and 2 even exceeding 40%.
The highest potential of the entire index is that presented by Cellnex, and 45.3% up to an average target price that fundamental analysts place at 40.03 euros per share, according to data compiled by Reuters. The stock lagged last year on the IBEX 35, accumulating a drop of almost 10%, but experts seem confident in its long-term strength.
And potential of more than 44% presents Grifols, with the average target price set at 15.45 euros. Unlike Cellnex, the truth is that the blood products company did not have a bad year on the trading floor. Although it fell far short of the market leaders, the accumulated increase in 2025 of 18% was quite solid. Little by little, investors are beginning to leave behind the messes about the company’s accounts that weighed them down in previous years, and analysts expect the stock to stay the course in 2026.
The third step on the podium goes to Puig Brands, to which fundamental analysts give a consensus target price of 19.64 euros, which is 31.8% above of its current price. The company behind Carolina Herrera perfumes has experienced a via crucis since it hit the market in May 2024. The securities were then listed at a price of 24.50 euros, and although experts do not expect it to recover them in the medium term, yes they believe they are unjustifiably cheap.
If the focus is on the best values of the IBEX 35 in 2025, analysts are betting on caution, although there is still some opportunity. Indra, for example, soared more than 180% last year in the heat of the plans of European governments (including the Spanish one) to boost defense spending, but still presents a moderate potential of just over 6% up to a target price of 51.36 euros, which would mean new historical highs.
On the contrary, banks, which were the engine of the IBEX 35 in 2025, seem to have exhausted their potential for the moment. Analysts only see a moderate upward trend of 4% in Banco Sabadell, an entity that lagged a little behind the rest after the slam the door that its shareholders gave to BBVA’s attempted takeover bid.
One factor to take into account is that, after the strong increases last year, there are no less than 12 IBEX 35 values in which analysts expect falls from current levels. And in some cases with some force. The clearest case is that of Mapfre, which after rising more than 80% in 2025 has ahead a drop of 14%according to the consensus of analysts, with an average target price of 3.67 euros. Experts also predict double-digit falls for Unicaja (-11.57%) and Endesa (.10.03%).
| Valor | Potential at 12 months (%) | Profitability 2025 (%) | Target Price | |||||||||
| Action | -9 | 75,94 | 168,53 | Access Acciona’s analysis | ||||||||
| Activate Energy | 1,97 | 28,27 | 22,82 | Access the analysis of Acciona Energía | ||||||||
| Acerinox | 11,82 | 41,79 | 14,1 | Access the Acerinox analysis | ||||||||
| ACS | -8,76 | 81,34 | 77,33 | Access ACS analysis | ||||||||
| Aena | 4,33 | 26,17 | 24,84 | Access Aena’s analysis | ||||||||
| Amadeus | 22,22 | -7,7 | 76,41 | Access Amadeus analysis | ||||||||
| ArcelorMittal | -9,75 | 75,67 | 35 | Access ArcelorMittal analysis | ||||||||
| Sabadell Bank | 4,01 | 95,91 | 3,5 | Access the analysis of Banco Sabadell | ||||||||
|
Santander Bank |
-4,5 | 132,9 | 9,64 | Access Santander analysis | ||||||||
| Bankinter | -3,31 | 95,14 | 13,73 | Access Bankinter analysis | ||||||||
| BBVA | -3,04 | 124,7 | 19,43 | Access BBVA analysis | ||||||||
| Caixabank | -6,08 | 112,49 | 9,81 | Access Caixabank analysis | ||||||||
| Cellnex | 45,3 | -9,71 | 40,03 | Access Cellnex analysis | ||||||||
| Colonial | 26,32 | 9,98 | 6,84 | Access Colonial analysis | ||||||||
| Enagas | 13,5 | 20,81 | 15,05 | Access the Enagas analysis | ||||||||
| Endesa | -10,03 | 56,5 | 27,71 | Access Endesa’s analysis | ||||||||
| Ferrovial | 0,8 | 38,01 | 55,66 | Access Ferrovial’s analysis | ||||||||
| Fluidra | 14,93 | 1,13 | 26,64 | Access Fluidra analysis | ||||||||
| Grifols | 44,12 | 18,22 | 15,45 | Access Grifols analysis | ||||||||
| IAG (Iberia) | 7,8 | 34,53 | 5,13 | Access IAG analysis | ||||||||
| Iberdrola | -3,59 | 45,34 | 17,87 | Access Iberdrola’s analysis | ||||||||
| Inditex | -0,39 | 17,88 | 56,3 | Access the Inditex analysis | ||||||||
| Indra | 6,38 | 184,28 | 51,36 | Access Indra’s analysis | ||||||||
|
Rovi Laboratories |
29,21 | 2,61 | 82,11 | Access Rovi analysis | ||||||||
| From the log | 4,16 | 10,82 | 31,33 | Access Logista analysis | ||||||||
| Mapfre | -14,05 | 82,75 | 3,67 | Access Mapfre analysis | ||||||||
|
MERLIN Properties |
20,66 | 26,73 | 14,95 | Access Merlin’s analysis | ||||||||
|
Naturgy (Gas Natural) |
4,78 | 18,81 | 27,16 | Access Naturgy analysis | ||||||||
| Puig | 31,81 | -14,51 | 19,64 | Access Puig’s analysis | ||||||||
| Redeia (REE) | 12,88 | -3,59 | 17,18 | Access Redeia analysis | ||||||||
| Repsol | 2,63 | 48,25 | 16,41 | Access Repsol’s analysis | ||||||||
| Sacyr | 17,36 | 26,11 | 4,53 | Access Sacyr’s analysis | ||||||||
| Solaria | 1,13 | 131,41 | 18,29 | Access Solaria analysis | ||||||||
| Telefónica | 15,3 | -4,18 | 4,04 | Access Telefónica’s analysis | ||||||||
| Unicaja Bank | -11,57 | 135,37 | 2,46 | Access Telefónica’s analysis |
Source: Reuters