Bending Spoons shares fall; Wall Street analysts initiate coverage after IPO quiet period

Bending Spoons SPA

27/07/2026 16:59

** Shares in Italian technology company Bending Spoons BSP.O down nearly 5% on Monday after several Wall Street brokerages initiate coverage of the stock, which made its market debut on July 1
** Bending Spoons, whose name was inspired by science-fiction film "The Matrix", acquires ​underperforming software businesses to overhaul them. Stock recently traded at $32.40 vs IPO price of $29
** JPMorgan, one of the lead bookrunners on the IPO, started coverage with 'neutral' rating and price target (PT) of $35; Jefferies initiated with a 'hold' and a $38 PT
** On the more bullish side were Benchmark's 'buy' rating and $45 PT, Mizuho's 'outperform' also with a $45 PT and Bernstein's 'outperform' and $40 PT
**  Benchmark analyst Yi Fu Lee says PT is based on a FY2027E EV/revenue multiple of 8.2x, a premium to mean peer of 4.4x, "given unique positioning as the next evolution of technology, data, and AI-driven capital compounders."
** Jefferies analyst James Heaney cites BSP's track record post-deal interventions "that have consistently driven revenue and cost improvements" but questions upside as expectations for 2028 rely heavily on M&A and notes "limited visibility into future deal pipeline, reliance on execution of larger deals"
** BSP stock has traded as high as $43.98 (July 1) and as low as $30.11 (July 14)
     
     
     
     

(Reporting by Sinead Carew)
((sinead.carew@thomsonreuters.com))