Intesa Sanpaolo: shares rebound after Berenberg upgrade

(CercleFinance.com) - Shares in Italian bank Intesa Sanpaolo are up slightly on Friday after Berenberg analysts upgraded their rating on the stock from "sell" to "hold.
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As a result, Intesa shares were up 0.2% at 2.44 euros in trading at noon.

"Management's apparent willingness to increase the payout ratio to maintain the absolute dividend payout should provide support for the stock price," Berenberg said in a note.

The German broker has a target price of 2.40 euros for the stock.

Note that Intesa Sanpaolo shares have fallen by over 9% over the past two days, after the bank reported mixed second-quarter results.

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