Kepler reinstates BFF Bank at "hold" on discounted valuation after guidance cut

BFF Bank SpA

03/02/2026 08:51

** Kepler Cheuvreux reinstates its coverage on Italy's BFF Bank BFF.MI with "hold" rating, citing a discounted valuation after a share drop of over 44% on Monday, following a guidance cut and the exit of its CEO

** Albeit acknowledging the material consensus downgrade following the "unexpected" profit warning, the brokerage says the stock price slump has gone "well beyond what fundamentals alone would justify"

** Incorporating the new targets and assuming no dividend for 2025, Kepler Cheuvreux's revised model still points at a fair valuation of 6.4 eur/shr, compared to Monday's closing price of 4.5 euros

** However, given the "exceptionally low near-term visibility", an additional discount of around 20% is applied to determine a PT of 5 euros, a 51.5% cut from its previous target

** Out of 8 analysts that cover BFF Bank, four rate the stock "strong buy" or "buy,"​ three rate it "hold" and one rates the stock "sell" - LSEG data

 (Reporting by Mirko Miorelli)

 ((Mirko.Miorelli@thomsonreuters.com))