1348 GMT - Market fluctuations quickly affect the earnings per share of Italian asset managers due to their lower assets under management balances, Jefferies says in a research note cutting its estimates for companies in its coverage after the market selloff triggered by the announcement of U.S. tariffs. The sector is relatively insulated from potential asset-quality deterioration thanks to their moderate levels of lending and the nature of its customers, analysts Marco Nicolai and Joseph Dickerson write. "We now favor Fineco in this group due to underappreciated brokerage revenue growth, more moderate sensitivity to equity markets, and the absence of performance fees," they note. They also like Poste Italiane for diversified business model but cut Banco Mediolanum to hold--joining Mediobanca and Banca Generali--due to its downside risks to consensus earnings. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 22, 2025 09:48 ET (13:48 GMT)
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