After positive sector results, DB ups Italy's Pop Sondrio to 'buy', cuts Credem to 'hold'

About this update from Banca Mediolanum Spa

** Deutsche Bank adjusts its view on Italian banks after the sector reported solid Q3 results, with banks and asset gatherers exceeding its estimates by 9% and 7%, respectively** DB upgrades Popolare di Sondrio MIL:BPSO to "buy", as it sees the bank as a "proxy" of BPER MIL:BPE after the approval of the 1.45 swap ratio for their merger, which is expected to be completed by April 2026** The brokerage cuts Credito Emiliano (Credem) MIL:CE to "hold", saying it does not see further room for re-rating after a 43% rise YTD** It raises PT for Banca Generali MIL:BGN, one of its sector top picks, to 66 euros, saying the private bank should see an acceleration in its business in the medium term, supported by a "very high quality franchise, product mix and client base"** It hikes Banca Mediolanum's MIL:BMED PT to 19.4 euros to reflect the revision of its 2025-2028 estimates, and FinecoBank's PT to 19.5 euros on "slightly better-than-expected" Q3 results** "Following the earnings season, our bottom line for 2025-28E remains broadly unchanged for banks, and up by 3% for asset gatherers on average" - DBCOMPANYRATINGOLD RATINGPTOLD PTBANCA GENERALIBuy"66 euros61 eurosBANCA MEDIOLANUMBuy"19.4 euros18.1 eurosPOPOLARE DI SONDRIOBuyHold17.6 euros11 eurosCREDEMHoldBuy15.4 euros14.3 eurosFINECOBANKHold"19.5 euros18 euros($1 = 0.8611 euros)

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