** Deutsche Bank cuts Azimut Holding 
AZM rating to “hold” from “buy” after the Bank of Italy said on Thursday it identified “significant governance and organizational shortcomings” at the Italian asset manager’s SGR unit
** The findings, which triggered a stock sell-off, could impact the timeline of the new TNB bank project
** The brokerage still expects the project to be executed, albeit with an anticipated six-month delay
** DB anticipates the project approval in Q3-Q4 2026, while Azimut management remains confident in receiving it by Q2 2026
** The likely delay also impacts the timeline for the initial 240 million euros ($278.50 million) payment from the private equity FSI, the brokerage says in the research note
** DB keeps PT unchanged at 35 euros
** Azimut stock falls 2% in the morning trade
($1 = 0.8618 euros)