Kepler reinstates BFF Bank at "hold" on discounted valuation, halves PT

BFF Bank SpA

03/02/2026 11:00

Recasts with PT in paragraph 2, adds share reaction as of Tuesday in paragraph 3

** 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

** However, given the "exceptionally low near-term visibility", it cuts its PT by 51.5% to 5 euros

** Shares extending their losses as of Tuesday, down as much as 6.2%

** 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, which it considers "an attractive entry point for risk-tolerant investors"

** 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, Enrico Sciacovelli)

 ((Mirko.Miorelli@thomsonreuters.com))