Goldman Sachs downgraded Italian payments firm Nexi to “neutral” from “buy,” reducing 12‑month price target to €3.50 from €6.
Goldman now expects only ~3% mid‑term revenue growth, cutting FY26‑FY30 revenue forecasts by up to 5% and EPS by 21‑34%.
FY26 revenue forecast €3.65bn, EBITDA €1.87bn at 51.1% margin (down 202bps), with operating expenses rising ~6% as workforce expands to 1,400.
Nexi commits €1.1bn dividends FY26‑28, FY27 dividend yield ~9%; excess cash cut 19% to €725m and net debt projected €4.73bn.