Banco BPM is down nearly 2% in Milan, under the weight of a downgrade by UBS from 'buy' to 'neutral', with a price target reduced from 6.3 to 4.6 euros on the financial institution's shares.

Although offering an attractive 12-month dividend yield, we are becoming more cautious after Banco BPM's outperformance since the beginning of the year, with our EPS 2026 estimate coming in 25% below target," he explains.

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