UniCredit: shares outperform after broker upgrade
(CercleFinance.com) - Shares in UniCredit outperformed the Italian stockmarket on Friday, after UBS upgraded its rating on the Milan-based bank.
The broker has upgraded its former "neutral" rating on the stock to "buy" and raised its target price from 16.9 euros to 20.3 euros, citing "defensiveness at good value."
"Recent sector weakness creates an attractive entry point to get exposure to UniCredit's defensive profile in earnings/capital terms," UBS said, estimating that the stock has upside potential of over 20%.
In mid-morning trading UniCredit shares were down 1.1 percent at 16.6 euros, while the FTSE MIB index was 1.5 percent lower.
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The broker has upgraded its former "neutral" rating on the stock to "buy" and raised its target price from 16.9 euros to 20.3 euros, citing "defensiveness at good value."
"Recent sector weakness creates an attractive entry point to get exposure to UniCredit's defensive profile in earnings/capital terms," UBS said, estimating that the stock has upside potential of over 20%.
In mid-morning trading UniCredit shares were down 1.1 percent at 16.6 euros, while the FTSE MIB index was 1.5 percent lower.
Copyright (c) 2018 CercleFinance.com. All rights reserved.