Bending Spoons slides as BofA becomes first bear since IPO

Bending Spoons SPA

12/08/2026 18:10

** Shares of Italian tech firm Bending Spoons BSP.O down 9% at $48.64 on Weds after BofA Global Research downgrades to 'underperform' from 'neutral', saying too much future M&A is priced in
** BofA becomes the first brokerage to issue a "sell-equivalent" rating since co went public last month
** Brokerage says current stock price implies $18 bln of go-forward M&A and it thinks BSP won't have enough additional debt capacity (only $7 bln by year-end 2027) to complete such deal volume by CY28
** Stock runup after BSP's Airtable deal is unjustified, BofA says, adding that execution risk is a factor, given management's "less prolific track record with sales-driven SaaS businesses"
** Brokerage raises PT by $2 to $39, implying 27% downside to stock's last close
** AOL, Vimeo owner BSP, which debuted on Jul 1 after IPO priced at $29, slated to report Q2 results before the bell on Thurs
** Now, 7 of 11 brokerages rate the stock "strong buy" or "buy", 3 rate "hold" and BofA is lone "sell";  median PT $41.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))