Nexi: Modest Growth, Margin Shortfall, and Credibility Test Justify Hold Rating

Analyst Hannes Leitner from Jefferies maintained a Hold rating on Nexi S.p.A. and keeping the price target at €3.80.

Hannes Leitner has given his Hold rating due to a combination of factors tied to Nexi’s near‑term performance and outlook. He anticipates that 2025 results will show a continuation of the current modest revenue trajectory, with several ongoing headwinds likely restraining growth rather than allowing for a meaningful acceleration.

In addition, he expects operating margin improvement in 2025 to fall materially short of the company’s earlier 50bp expansion target, which would also dampen incremental cash generation. Against this backdrop, the upcoming capital markets day will be crucial, as investors will scrutinize the new mid‑term ambitions and assess how believable this roadmap is after the prior medium‑term plan had to be scaled back within just a year and a half.

In another report released on February 9, J.P. Morgan also maintained a Hold rating on the stock with a €4.30 price target.