Holding Neutral Amid Moderate Growth, Rising Leverage, and Governance Uncertainty

In a report released on April 2, Enrico Bartoli from Mediobanca downgraded Ascopiave S.p.A. to a Hold, with a price target of €3.95.

Enrico Bartoli has given his Hold rating due to a combination of factors including moderate growth targets and limited upside versus his unchanged €3.95 target price. While the business plan to 2029 foresees mid‑single‑digit increases in EBITDA and adjusted net income, the trajectory relies partly on assumptions around tenders and diversification projects where visibility and timing remain uncertain.

He also factors in higher leverage, with net debt expected to rise notably by 2029, and the impact of the IRAP tax increase on earnings, which led him to trim his 2026–27 estimates. In addition, although recent portfolio simplification enhances transparency on the asset base, the ongoing governance reshuffle creates strategic uncertainty, prompting him to wait for clearer guidance before adopting a more positive stance, hence the Neutral (Hold) view.

According to TipRanks, Bartoli is ranked #2936 out of 12068 analysts.

In another report released on March 19, TipRanks – OpenAI also downgraded the stock to a Hold with a €4.00 price target.