Banco BPM downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Sofie Peterzens downgraded Banco BPM (BNCZF) to Neutral from Buy with a price target of EUR 14.30, down from EUR 15. The firm expects Banco BPM to continue to deliver high returns and remain capital-generative throughout our forecast period, but the firm also believes this is fully reflected in consensus EPS estimates for 2026-27, the analyst tells investors in a research note. The stock now screens as less attractive than several of its Italian peers on a number of metrics, including scale, cost efficiency, EPS growth potential, valuation, yield, and M&A optionality, the firm added.