Exane ups Interpump to 'outperform' on M&A upside potential

Interpump SpA

28/04/2025 10:26

** Exane BNP Paribas upgrades Italian high-pressure pump maker Interpump ITPG.MI to "outperform" from "neutral,"  citing potential significant M&A and favorable risk-reward balance

** "It may seem like we're taking a risk with our upgrade to 'outperform' pending visibility on the cycle, but significant M&A could come soon and risk/reward is skewed to the upside," broker says

** Interpump's slow M&A activity may be a strategic move to target larger deals that could drive a re-rating, Exane says

** It identifies DANA's Off-Highway division as a potential acquisition candidate

** Exane believes that, despite being cyclical, Interpump may face less downside than peers in a bear case scenario, while it can manage tariff risks due to its high pricing power businesses

** It expects capacity expansion within very high-pressure pumps to support Interpump's long-term growth, as the agricultural segment could see over 20% growth by 2026

   ** Out of nine analysts that cover Interpump, four rate the stock "strong buy" or "buy," and ​five rate it "hold"

    ** Interpump shares rise 3.2% at 0915 GMT, outperforming pan-European STOXX 600 .STOXX index, which is up 0.6%

($1 = 0.8804 euros)

 (Reporting by Laura Contemori)

 ((Laura.contemori@thomsonreuters.com))