Italy's Trevi slumps 13% after Kepler Cheuvreux cuts to 'reduce'

Trevi Finanziaria Industriale SpA

31/10/2025 08:57

** Shares in Italy's Trevi Finanziaria Industriale TFI.MI are halted from trading after falling as much as 12.9% after brokerage Kepler Cheuvreux cuts rating to "reduce" from "buy", after a 130% share price surge since April

** Brokerage says the stock price has "sizeably exceeded our fundamental valuation, and we see no strong catalysts that could justify its current level," leaving PT unchanged at 0.42 euros ($0.4898); stock last traded at 0.461 euros

** Despite downgrade, Kepler Cheuvreux argues co's prospects remain solid and on track to meet financial targets; retains 2025-27 estimates

** Highlights consistent reduction in gross debt as reflective of management's strong focus on profitability

** Adds "due to the high uncertainty surrounding the Strait of Messina Bridge project, we have never considered it a reasonable source of upside to our forecasts or valuation"

** Including Friday's fall stock is still up more than 67% YTD

($1 = 0.8575 euros)

 (Reporting by Laura Contemori)

 ((Laura.contemori@thomsonreuters.com))