UniCredit: Jefferies maintains 'buy' rating after results

(CercleFinance.com) - Jefferies reiterates its "buy" rating on the UniCredit share, along with its target price of 14 euros, in reaction to the quarterly results published by the Italian banking institution this morning.


"2Q19 represents another quarter of over-delivery on NPL and cost reduction, with capital in line with our expectation," the broker said.

"FY19 revenue guidance has been reduced by c.2% but we continue to think that balance sheet trends remain more important to the re-rating story," it adds.


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