Azimut Shares Surge After Deutsche Bank Upgrade to 'Buy'

Shares of Azimut Holding SpA (AZMT.MI) rallied on Tuesday, climbing 3.6% to €39.26 after a significant ratings upgrade from Deutsche Bank.

The investment bank raised its recommendation on the Italian wealth manager to "buy" from a previous "hold," according to a research note that acted as the primary catalyst for the session's gains.

Price Target Raised on Strong Performance

Deutsche Bank also substantially increased its 12-month price target for Azimut to €46, a sharp rise from its prior target of €35. The new target suggests considerable potential upside from the stock's previous closing price of €37.90.

The bank's more constructive view is based on several key factors, including:

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• Azimut's robust performance in the first half of 2026, which saw double-digit growth in recurring revenues and net profit.
• The company achieving record assets under management.
• A recently announced share buyback program and a capital return framework that aims to distribute approximately 25% of its market capitalization to shareholders over 2026 and 2027.

Market Context

The stock's advance occurred against a largely neutral backdrop, with major global indices trading flat. This indicates the move was specific to Azimut rather than part of a broader market rally. The stock is now approaching its 52-week high of €39.55.

The upgrade from Deutsche Bank was the decisive factor driving Tuesday's price action, amplifying positive sentiment already building on the company's solid fundamentals and capital return plans. Prior to the change, analyst consensus stood at three "buy" ratings and four "hold" ratings, according to data from Investing.com.