Italy's BFF Bank slumps after Kepler Cheuvreux cuts to 'hold'

BFF Bank SpA

15/01/2026 09:41

** Shares in Italy's BFF Banking Group BFF.MI fall around 10% as Kepler Cheuvreux cuts rating to "hold" from "buy", on "softer-than-usual" Q4 performance not bringing the typical seasonal acceleration

** Brokerage also slashes its TP on BFF by 17.6% to 10.3 euros ($11.98)

** Sees lower levels in the bank's collections and new volumes, coupled with a higher-than-expected cost of funding compressing the net interest margin (NIM)

** Expects consensus estimates to move further down over the coming quarters, deeming them too optimistic

** Also "materially" cuts overall FY 2025-27 estimates by around 13-16%, now expects adjusted net income down 13% Y/Y for Q4 2025

** Out of 9 analysts that cover BFF Bank SpA, five rate the stock "strong buy" or "buy,"​ three "hold" and one "sell" - LSEG data

($1 = 0.8595 euros)

 (Reporting by Mirko Miorelli)

 ((Mirko.miorelli@thomsonreuters.com))