KBC cuts Ackermans on limited upside after recent share rally

Ackermans & Van Haaren NV

03/03/2026 08:45

** KBC Securities downgrades Belgian investment holding Ackermans & van Haaren ACKB.BR to "accumulate" from "buy", citing limited upside after a recent strong share price rally

** Up to Monday's close of trading, the stock rose 22% YTD

** The broker lowers its forward valuations for the firm's private banking units, Delen and Bank Van Breda, due to a compression in forward peer multiples

** The brokerage raises its PT by 10.3% to 300 euros, which represents only a modest potential from current levels, no longer justifying a "buy" rating

** KBC notes the stock now trades at a premium to KBC's estimate of its NAV after a strong fiscal year

** Out of eight analysts, five rate the stock "strong buy"/"buy," ​and three rate it "hold" - LSEG data

** Shares in Ackermans fall 3.7%

($1 = 0.8581 euros)

(Reporting by Lucie Barbier)

((Email: lucie.barbier@thomsonreuters.com))