Azimut in the spotlight following Db’s upgrade; experts say the financial sector is sound
Furthermore, analysts are maintaining a ‘Buy’ rating on Banco Bpm. The German bank’s top choice in the Italian asset management sector remains Banca Generali
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(Il Sole 24 Ore Radiocor) - Deutsche Bank’s promotion boosts Azimut on the Milan Stock Exchange. The asset manager’s share price rises by almost four points and ranks among the top performers on the FTSE MIB , with analysts at the German bank having upgraded their recommendation from “Hold” to “Buy” and raised the target price from 35 to 46 euros.
In general, experts take a positive view of the Italian financial sector as a whole, which “posted solid results in the second quarter”. Banks and asset managers have in fact exceeded Deutsche Bank’s net profit forecasts by 9 per cent and 13 per cent respectively. However, whilst estimates for credit institutions for the period 2026–2029 remain “largely unchanged”, for asset managers, analysts deemed it appropriate to raise estimates by an average of 5 per cent, “mainly thanks to Azimut’s M&A activity”.
Turning instead to other stocks in the financial sector, DB maintains a ‘Buy’ rating on Banco BPM (which is currently up 0.22 per cent at €16.10), with the target price raised to €18.10 from the previous €16.20. This is “despite its strong performance (+36 per cent year-to-date), thanks to its M&A potential, which has increased following the announcement of the takeover bid by MPS (-0.09 per cent)”. DB emphasises, in fact, that the “relative performance of the share” – which, since the launch of the bid, has underperformed the Euro Stoxx Banks sub-index by around 5 per cent – is “unjustified” and represents “an interesting starting point”.
The German bank’s top pick in the Italian asset management sector remains Banca Generali (+0.46% to €65.55), for which the ‘Buy’ recommendation is maintained with a target price of €76.4. In particular, analysts commend the “company’s solid initiatives”, but warn that “the uncertainty generated by the takeover bid from MPS could lead to a slowdown in new business acquisition in the short term and weaker market performance”. For example, last year, during the takeover bid launched by Mediobanca, Banca Generali “underperformed its domestic competitors by an average of 30 per cent”.
