05:34 AM EDT, 05/19/2026 (MT Newswires) -- Berenberg lowered its price target and earnings estimates for Infrastrutture Wireless Italiane (INW.MI), d/b/a Inwit, to account for the tower infrastructure company's updated outlook.

"We reiterate our Buy rating on INWIT shares but reduce our price target to EUR8.90 (from EUR12.30) to reflect INWIT's recent, more prudent guidance published on 20 March which reflected INWIT's conservative view of the financial impact of the ongoing master service agreement (MSA) disputes with Telecom Italia [TIT.MI] and Swisscom [SCMN.SW] (which acquired Vodafone Italy at end-2024),"the research firm said Monday.

For full-year 2026, Inwit expects revenue of 1.05 billion to 1.09 billion euros, along with a dividend per share of at ​least 0.55 euros.

"We believe that INWIT has a robust MSA in place with both Telecom Italia and Swisscom, and, even if the MSA agreements were terminated at the end of the decade, it is likely that both operators would need to rely on INWIT's tower infrastructure for many years. That said, we believe INWIT will likely need to compromise on price (a c10% cut on average), but as a quid pro quo, in return, we assume that both Telecom Italia and Swisscom reaffirm the long-term duration of the MSAs as well as commit to additional tower site build over time to deliver much-needed Italian mobile network upgrades,"the note said.

Against this backdrop, analysts decreased their revenue projections for 2026 to 2030 by 6% to 12% and slashed their EBITDA assumptions over the same period by 6% to 13%. Their dividend per share estimates were also rebased to better reflect management's updated mid-term outlook of at least 0.55 euros per annum.