Goldman Sachs downgraded Millennium BCP from Buy to Neutral. The investment bank cited limited upside potential following a significant share price rally this year.
Millennium BCP currently trades at approximately 12.5 times 12-month forward consensus earnings. Goldman Sachs views this valuation as broadly fair and considers consensus estimates for 2026-2028 appropriate.
Previous performance gains followed growth in net interest income and lower provisions for Swiss franc mortgage litigation in Poland.
Goldman Sachs lowered its earnings-per-share estimates for the bank by 2% to 4% for the 2026-2028 period. This revision primarily reflects lower forecasts for fee income.