JP Morgan cuts Generali to 'neutral', re-rating now priced in by market

Banca Generali SpA

18/08/2026 08:29

** JP Morgan cuts Generali GASI.MI to "neutral" from "buy," seeing a more balanced risk-to-reward ratio after strong re-rating 
** However, it raises its PT by 4.5% to €46  ($53.22)
** The Italian group's stock has increased in value by over 120% since January 2024, outperforming the European insurance sector by 45% according to JPM data
** However, "this improvement is now better recognised by the market," the broker says, pointing that the shares are now in line with the sector average
** JP Morgan notes despite H1 net income coming in 6% ahead of its estimates, the results do not merit changes in forecast, due to the temporary supportive nature of a low tax rate and high performance fees from listed unit Banca Generali BGN.MI 
** Out of 18 analysts that cover Generali, seven rate the stock "buy," eight maintain a "hold" rating and three rate it "sell" - LSEG data


($1 = 0.8644 euros)

 (Reporting by Fabrizio La Rocca)
 ((Fabrizio.larocca@thomsonreuters.com))