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Investing.com - Deutsche Bank (ETR:DBKGn) upgraded Azimut Holdings SpA (BIT:AZM) (OTC:AZIHF) from Hold to Buy and raised its price target to EUR35.00 from EUR28.50.
The upgrade comes as Deutsche Bank sees increasing chances for the successful completion of Azimut’s "The New Bank" (TNB) project, which involves selling 50% of its domestic franchise to a private equity investor by year-end.
Azimut is expected to unveil a new plan in the third quarter that will focus on improved shareholder remuneration, with more than 30% of the company’s market capitalization currently represented by cash.
The firm’s new CEO will present new strategic targets and dividend policy in November, potentially serving as additional catalysts for the stock.
Deutsche Bank notes that Azimut is trading at a 2025-26 estimated adjusted P/E of 6.5-5.8x, representing a significant discount compared to European peers at 13-12x and the company’s historical average of 8x.
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