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Unicredit: Berenberg raises target price

( - On Monday Berenberg raised its target price for UniCredit shares from 12.
5 euros to 13.5 euros, representing 65% upside potential relative to its current price.

In a report, the German broker notes that UniCredit shares have been one of the most severely punished European banking stocks YTD due to its exposure to Russia.

"The potential losses from this exposure raised concerns about UniCredit's capital distribution ability," analysts say.

Berenberg believes that the clarification provided by the group last week when it published its quarterly results, as well as the confirmation of the share buyback program, should nevertheless help reassure investors.

"Trading at a 20-25% P/E discount to the sector (excluding Russia) is excessive," it concluded, reiterating its Buy rating on the stock.

The Unicredit share is in debit today, though - down 1.8% this afternoon.

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