Chris Hallam, an analyst from Goldman Sachs, maintained the Buy rating on Banco BPM S.p.A.. The associated price target is €15.00.
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Chris Hallam has given his Buy rating due to a combination of factors that highlight Banco BPM’s strong growth potential and revenue resilience. The bank has strategically diversified its revenue streams, which helps mitigate risks associated with declining interest rates. This shift in focus from net interest income to fee and commission income is expected to enhance revenue stability.
Additionally, the acquisition of Anima is projected to decrease the proportion of net interest income to around 50% and increase fee income to 45% by 2025. These changes, along with effective cost management initiatives, are anticipated to drive above-average growth and returns. Consequently, Hallam has set a 12-month price target of €15.7, suggesting a potential upside of approximately 25%.