Kepler Cheuvreux downgraded Interpump Group to "hold" from "buy" and slashed its target price to €45 from €52. The analyst cited disappointing 2026 guidance forecasting minimal growth, forcing a 9.9% cut to its 2026 EPS estimate and a 6.7% reduction in EBITDA forecast to €475 million.

Fourth-quarter 2025 results already signaled trouble, with EBITDA missing estimates by 8.4%. The hydraulics division drove the underperformance, its margin falling 220 basis points below forecasts due to production inefficiencies. Water jetting also declined, contrasting with the prior year's inventory write-down.

Management's 2026 outlook for organic growth of -2% to +3% is well below prior expectations of 5.8%, led by weakness in water jetting. The new €45 target implies a 2026 P/E of 21x, which analyst Matteo Bonizzoni deems "more than adequate" for a year "substantially ex-growth." Shares, already down 11.3% YTD, face pressure from the revised forecasts.