Banca Monte dei Paschi initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Sofie Peterzens initiated coverage of Banca Monte dei Paschi (BMDPF) with a Buy rating and EUR 10.10 price target The bank’s positive outlook is underpinned by expected revenue diversification and synergy benefits following its strategic acquisition of Mediobanca, shifting the business mix toward high-growth areas like Wealth Management, Consumer Finance, and Insurance, the analyst tells investors in a research note. The company’s strong fundamentals and a sector-leading capital distribution yield are not fully reflected in the current valuation levels, the firm added.