Berenberg Tweaks SOL SpA Estimates After 'Good' H1 Performance; Buy Rating Kept

10:58 AM EDT, 09/15/2026 (MT Newswires) -- Berenberg on Tuesday updated its forecasts for SOL SpA (SOL.MI) as part of a model update to reflect the Italian medicinal gas producer's "good" first-half performance. For 2026, Berenberg raised its EBIT estimate by 1.6%, while cutting its EPS forecast by 4.3% to reflect a higher-than-expected tax rate and financial expenses. The research firm also increased its EPS projections by 4.3% for 2027 and by 3.1% for 2028, reflecting increased medium-term profitability expectations for the company's Technical Gases division. "Since we began covering SOL in January 2023, management has frequently delivered results ahead of both our and consensus expectations. Against this backdrop, SOL's H1 2026 results, published on 10 September, contained no major surprises, in our view, which may partly explain the weakness in the share price in the days that followed. More recently, the sharp increase in energy prices may also have raised concerns about the near-term trajectory of margins," Berenberg said. "However, as demonstrated in 2022 following the outbreak of the Russia-Ukraine conflict, SOL has proven its ability to navigate challenging external conditions effectively. Importantly, the company has historically used such external shocks as an opportunity to implement measures that ultimately strengthen its profitability on a structural basis." The stock's buy rating and price target of 60 euros were left unchanged.