JPM raises PTs for Italian banks on their NII resilience
** J.P.Morgan raises its PTs for Italy's Intesa Sanpaolo ISP.MI, UniCredit CRDI.MI and Banco Bpm BAMI.MI, saying lower rates on wholesale funding and mitigation actions support the banks' net interest income (NII) resilience against deposit pass-through uncertainties
** "Fee growth momentum should continue to be supported by stronger demand in Asset Gathering as well as structural growth in payments in Italy," the broker says
** JPM also raises 2025-2026 EPS estimates by 1-3% for Intesa, 4-6% for UniCredit and 6-8% for Banco Bpm
** It adds UniCredit to its sector top picks, joining Intesa, and says it is one of the cheapest bank stocks in Europe offering the highest total yield at an average 16.4% per year in 2024-2026 estimates
COMPANY | RATING | PT in euros | OLD PT |
|---|---|---|---|
Intesa Sanpaolo | Overweight | 4.70 | 4.40 |
UniCredit | Overweight | 49 | 46 |
Banco Bpm | Underweight | 6 | 5.40 |
Reporting by Alessandro Parodi
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