Kepler cuts BPER to 'hold', boost from Sondrio integration already priced in

Banca Popolare Di Sondrio SpA

07/10/2025 08:21

** Kepler Cheuvreux downgrades BPER Banca EMII.MI to "hold" from "buy" but raises its PT by 9.6% to EUR 10.30 in its Q3 earnings preview, saying the benefits from its acquisition of Pop Sondrio BPSI.MI are already priced in

** At 07:10 GMT the stock trades down around 1.9%

** The Q3 earnings release on Nov. 6 will be the first since BPER's successful takeover bid for Banca Popolare di Sondrio, obtaining a majority stake of 80%

** "We remain convinced the integration will be successful, but we think this is priced in at current levels," Kepler says, pointing to the stock's almost 60% rally YTD

** Kepler expects BPER's Q3 net profit to come in at 490 million euros ($572.71 million), although it cuts its EPS forecast by 4% to consider profit attributable to minority shareholders, as it originally estimated BPER would acquire the totality of Pop Sondrio's share capital

**  Out of 9 analysts that cover BPER, eight rate the stock "strong buy" or "buy," ​and only one analyst rates it "hold" - LSEG data

($1 = 0.8556 euros)

 (Enrico Sciacovelli)

 ((Enrico.sciacovelli@thomsonreuters.com))