It's shaping up to be a tough period for Immatics N.V. (NASDAQ:IMTX), which a week ago released some disappointing quarterly results that could have a notable impact on how the market views the stock. The numbers were weak, with revenues of €7.8m coming in 14% short of analyst estimates. Statutory losses were €0.44 per share, 6.5% larger than what the analysts expected. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

After the latest results, the nine analysts covering Immatics are now predicting revenues of €41.9m in 2026. If met, this would reflect a solid 12% improvement in revenue compared to the last 12 months. Per-share losses are predicted to creep up to €1.74. Yet prior to the latest earnings, the analysts had been forecasting revenues of €37.2m and losses of €1.60 per share in 2026. So there's been quite a change-up of views after the recent consensus updates, with the analysts significantly increasing their revenue forecasts while also expecting losses per share to increase. It looks like the top line growth will not be achieved without incremental costs.

The consensus price target stayed unchanged at US$18.78, seeming to suggest that higher forecast losses are not expected to have a long term impact on the valuation. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. Currently, the most bullish analyst values Immatics at US$25.00 per share, while the most bearish prices it at US$12.20. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Immatics' past performance and to peers in the same industry. It's clear from the latest estimates that Immatics' rate of growth is expected to accelerate meaningfully, with the forecast 17% annualised revenue growth to the end of 2026 noticeably faster than its historical growth of 5.8% p.a. over the past five years. Compare this with other companies in the same industry, which are forecast to see revenue growth of 22% annually. So it's clear that despite the acceleration in growth, Immatics is expected to grow meaningfully slower than the industry average.

The Bottom Line

The most important thing to note is the forecast of increased losses next year, suggesting all may not be well at Immatics. They also upgraded their revenue estimates for next year, even though it is expected to grow slower than the wider industry. The consensus price target held steady at US$18.78, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Immatics going out to 2028, and you can see them free on our platform here..

Plus, you should also learn about the 1 warning sign we've spotted with Immatics .

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.