Deutsche Bank expects solid Q2 from Italian financials, ups Mediobanca to 'buy'

Banca Generali SpA

10/07/2026 12:30

** Deutsche Bank expects the Italian financial sector to reach an aggregate profit of €8.4 billion ($9.60 billion) in Q2, as the banking index rose 7% in June anticipating good quarterly results, M&A activity and interest-rate sensitivity
** In its Q2 preview, DB ups Mediobanca MDBI.MI to "buy", seeing the stock as a proxy of Monte dei Paschi (MPS) BMPS.MI ahead of the merger expected in H2
** MPS emerges as the broker's top pick, as it offers indirect exposure to market leader Intesa Sanpaolo ISP.MI, but can present a standalone strategy to contrast the rival's takeover bid
** The broker reiterates a "buy" rating for Banco BPM BAMI.MI, seeing it as a key player in the Italian banking M&A stage
** DB raises PT on Banca Generali BGN.MI and Banca Mediolanum BMED.MI by 16% and 21%, respectively, seeing higher long-term growth potential from an insurbanking deal with Generali GASI.MI for the first and from M&A for the latter
** The Q2 earning season for the Italian banking sector will start on July 23, with UniCredit CRDI.MI acting as curtain-jerker
COMPANY
RATING
OLD RATING
PT
OLD PT
Mediobanca
Buy
Hold
€29.4
€18.8
Monte dei Paschi
Buy
/
€12.0
/
Banco BPM
Buy
/
€16.2
€13.7
Banca Generali
Buy
/
€76.4
€66.0
Banca Mediolanum
Buy
/
€24.8
€20.5
Intesa Sanpaolo
Buy
/
€6.80
/
UniCredit
Hold
/
€77.0
/


($1 = 0.8747 euros)

 (Reoporting by Enrico Sciacovelli)
 ((Enrico.sciacovelli@thomsonreuters.com))