Goldman Sachs promotes Bpm and confirms the positive opinion on Unicredit, pushing both titles to Piazza Affari. At the end of the morning, the shares of Banca Popolare di Milano gained more than four points, the best rise of the entire Ftse Mib. In second position is the title of Piazza Cordusio, which earns more than two and a half points.
The American business bank has carried out a 360-degree study of the Italian banking system, with particular attention to non-performing loans. It emerged that Unicredit it would be the cheapest institution on the stock exchange, with a possible 49% upside, in an extreme scenario in which all non-performing loans become non-performing. Goldman's judgment on Unicredit is buy, with a 12-month target price of 5,4 euros.
The American broker has also promoted the shares from neutral to buy bpm, with a target price of €0,49 (and a possible upside of 47%). According to Goldman, the progress made on the governance front will help the Bank to reach its capitalization objectives more quickly.
As for the other institutes, Ps it was demoted from neutral to sell, as the test resulted in the bank most exposed to doubtful loans. TO Intesa Sanpaolo, Where's Banca e Banco Popolare however, the neutral rating was confirmed.
