JPM moves BCP to 'neutral' after strong YTD run

CaixaBank SA

09/09/2025 09:46

** J.P.Morgan downgrades Banco Comercial Portugues BCP.LS to "neutral" from "overweight" after a strong share performance year-to-date

** Stock down 1.6% at 0839 GMT; up around 55% YTD as of Monday's close

** The broker notes the stock has delivered a 60% total return so far this year and sees limited upside from current valuation

** It sees little room for earnings per share upgrades, as current estimates broadly reflect BCP's 2028 targets

** It raises its PT on the stock by 5.5% to 0.75 euros

** JPM also hikes its PTs for BCP's Spanish peers Santander SAN.MC, Caixabank CABK.MC and Bankinter BKT.MC, maintaining its ratings

** Out of 16 analysts that cover BCP, nine rate the stock "strong buy" or "buy," ​five rate it "hold" and two​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Marta Serafinko)

 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))