Kepler Cheuvreux cuts BPER to 'hold' after long outperformance

Bper Banca SpA

08/05/2026 11:37

** Kepler Cheuvreux downgrades its rating for Italy's BPER EMII.MI to "hold" from "buy" following a long outperformance of the stock

** The brokerage confirms its confidence in Pop Sondrio integration, but says it is already discounted by the market, reiterating its view from last year

** "We take a breath ahead of the business plan update planned on 6 August", it adds

** The broker cut its rating on the bank to "hold" in October, but
raised
 it again next month after BPER's Q3 report

** Brokerage highlights positive feedback on Thursday's first-quarter results, but notes the shares are already trading at a price higher than average compared to both Italian and European banks

** It lowers PT by 4.3% to 13.3 euros

** At 1030 GMT BPER shares are down 1.8%

** Out of 13 analysts that cover BPER Banca SpA, 10 rate the stock "strong buy" or "buy"​ and three "hold" - LSEG data

($1 = 0.8498 euros)

(Reporting by Anna Uras)

((Anna.Uras@thomsonreuters.com))