Kepler Cheuvreux initiates Banca Generali with 'buy'

Banca Generali SpA

27/11/2025 08:21

** Kepler Cheuvreux initiates Banca Generali BGN.MI with a "buy" rating and a PT of 59 euros/share, citing Italy's growing household financial wealth market and the bank's "solid business model"

** The brokerage says the Italian asset gatherer continues to gain market share in the growing household financial wealth segment, and expects this factor to drive 5% annual growth in its recurring revenues from 2024 to 2028

** It adds that Banca Generali's acquisition of Intermonte this year further strengthens its position in investment banking, allowing it to enter the growing entrepreneurial and SME client segments

** The brokerage also notes that the bank's enduring insure-banking agreement with Generali Italia recently expanded with the Alleanza network agreement

** Banca Generali's stock, which suffered from an unmaterialised acquisition offer by Mediobanca MDBI.MI this year, has gained 10.5% in the last month and is up 20.7% YTD - LSEG data

** Out of seven analysts that cover Banca Generali, five rate the stock "strong buy" or "buy" and ​two "hold" - LSEG data

(Reporting by Mirko Miorelli)

((Mirko.miorelli@thomsonreuters.com))