Berenberg ups Reply to buy, says AI fears overdone after selloff

Reply SpA

22/04/2026 09:45

** Berenberg raises Reply REY.MI to "buy" from "hold," saying a recent share price correction makes the Italian IT company's stock a "more compelling" investment case

** While market concerns over AI have hit the stock hard alongside the broader IT and software space, the brokerage says Reply's slowdown in organic growth is primarily attributable to "region-specific dynamics" and macro uncertainties

** As of the previous session's close, shares were down 16.4%​ YTD, albeit rising around 19% in the last 30 days - per data compiled by LSEG

** Berenberg says AI is unlikely to affect the Italian company, as its project-pricing expertise may represent an advantage in times of technological change

** It expects Reply to grow organically by 6.2% in 2026, driven by favourable comparisons in Germany, its second-largest market

** Shares in Reply up as much as 2.6%

** Out of the 13 analysts that cover Reply, 12 rate the stock "strong buy" or "buy,"​ and one rates "hold" - LSEG data

 (Reporting by Mirko Miorelli)

 ((Mirko.Miorelli@thomsonreuters.com))