UBS cuts BPER to 'neutral' rating, pricey valuation after outperforming peers

Bper Banca SpA

15/05/2026 10:31

** UBS cuts BPER Banca EMII.MI to 'neutral' from 'buy' as it sees limited upside potential in Italy's fifth-largest bank after a strong rally in the past months

** It also lowers its TP by 7.4% to 12.5 euros per share

** In the last 12 months BPER outperformed the Italian banks by 35% and the European sector by almost 30%, according to UBS, with the stock now close to a 20% premium compared to continental peers

** After this rally, BPER's potential buyback options in the year - which UBS assumes could consider up to 9.9% of its share capital - are considered priced in and not a significant upside catalyst for the stock

** UBS also cuts its 2026-30 estimates after BPER's Q1 miss on NII, while still remaining moderately above the current FY guidance and incorporating most of the gross synergies expected from the Pop Sondrio merger

** Out of 13 analysts that cover BPER, nine rate the stock "strong buy" or "buy" and ​four rate it "hold" - LSEG data

 (Enrico Sciacovelli)

 ((Enrico.sciacovelli@thomsonreuters.com))