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Investing.com - BNP Paribas Exane downgraded Nexi SpA (BIT:NEXI) from Outperform to Neutral and lowered its price target to EUR5.30 from EUR6.60.
The downgrade reflects several "extraordinary events" impacting Nexi’s business performance, including the de-migration of Banco BPM and CCB, along with the re-insourcing of a Nordic bank’s operations.
BNP Paribas Exane notes these transitions are occurring later in the year than initially anticipated, creating growth headwinds for the Italian payments company.
The research firm estimates these challenges reduced Nexi’s growth by approximately 1.5% in the first half of 2025.
Looking ahead, BNP Paribas Exane projects the impact will increase to about 2% in 2026 and 1.5% in the first half of 2027, with Banco BPM planning to move its issuing business away from Nexi in 2026 despite making progress on transitioning its merchant book.
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