Juventus shares have had a strong run, but Berenberg is keeping its rating at ‘hold’ despite raising its price target from €1.75 to €3.25.
The bank acknowledges the football club’s financial improvements, with a return to profit in the first half of the 2025 financial year, but warns that sustainable profitability remains uncertain.
Juventus posted a net profit of €6.9 million in the first half, its first positive result in years, thanks to its return to the UEFA Champions League and tighter cost controls.
Revenues, excluding player transfers, rose 29% year-on-year, helped by UEFA’s new format, which guarantees more games and higher prize money. At the same time, operating costs fell by 6%, reflecting management’s shift to a more disciplined financial strategy.
While this combination has helped stabilise the club’s finances, Berenberg remains cautious, noting that net debt still stands at over €300 million and that long-term profitability targets remain ambitious.
Looking ahead, the FIFA Club World Cup in the summer could provide a further revenue boost, though uncertainty remains over how the €1 billion prize fund will be distributed.
Juventus has outlined plans to break even this season and generate sustained profits by 2026/27, but Berenberg sees risks to this outlook. The bank’s estimates remain below the club’s own forecasts, reflecting its more conservative stance on revenue growth.
The shares were off 0.6% at €3.2615.