Berenberg Says Fineco's Earnings Power Still Underestimated by Market; Buy Rating Kept After Q3 Results

07:25 AM EST, 11/06/2026 (MT Newswires) -- Berenberg reiterated FinecoBank Banca Fineco (FBK.MI) at buy and made "minor changes" to estimates, as analysts took note of the Italian financial technology bank's third-quarter print. "FinecoBank's (Fineco) Q326 print reinforces our view that the market still underestimates its earnings power. Revenue growth of 14% yoy in Q3 was broad-based, while cost growth moderated due to faster-than-expected returns from in-house IT and its first AI deployments, with Project BOOST set to deliver a further material cost improvement in 2027," analysts said Friday. For the third quarter, Fineco reported revenue of 372.1 million euros, up from 325.3 million euros a year ago, while operating costs increased to 90.1 million euros from 86.8 million euros previously. For 2026, the company cut its operating costs growth estimate to 5% from 6%. The stock's price target was left unchanged at 28 euros, while the EPS estimates for full-year 2026, 2027 and 2028 increased 1%, slipped 0.1%, and ticked up 0.1%, respectively.