After positive sector results, DB ups Italy's Pop Sondrio to 'buy', cuts Credem to 'hold'
02/12/2025 09:33
** Deutsche Bank adjusts its view on Italian banks after the sector reported solid Q3 results, with banks and asset gatherers exceeding its estimates by 9% and 7%, respectively ** DB upgrades Popolare di Sondrio BPSI.MI to "buy", as it sees the bank as a "proxy" of BPER EMII.MI after the approval of the 1.45 swap ratio for their merger, which is expected to be completed by April 2026 ** The brokerage cuts Credito Emiliano (Credem) EMBI.MI to "hold", saying it does not see further room for re-rating after a 43% rise YTD ** It raises PT for Banca Generali BGN.MI, one of its sector top picks, to 66 euros, saying the private bank should see an acceleration in its business in the medium term, supported by a "very high quality franchise, product mix and client base" ** It hikes Banca Mediolanum's BMED.MI PT to 19.4 euros to reflect the revision of its 2025-2028 estimates, and FinecoBank's PT to 19.5 euros on "slightly better-than-expected" Q3 results ** "Following the earnings season, our bottom line for 2025-28E remains broadly unchanged for banks, and up by 3% for asset gatherers on average" - DB
| COMPANY | RATING | OLD RATING | PT | OLD PT |
| BANCA GENERALI | Buy | " | 66 euros | 61 euros |
| BANCA MEDIOLANUM | Buy | " | 19.4 euros | 18.1 euros |
| POPOLARE DI SONDRIO | Buy | Hold | 17.6 euros | 11 euros |
| CREDEM | Hold | Buy | 15.4 euros | 14.3 euros |
| FINECOBANK | Hold | " | 19.5 euros | 18 euros |