(News Bulletin 247) – Jefferies reiterates its ‘buy’ recommendation on UniCredit and raises its price target from 25 to 27.5 euros, representing a potential upside of 56% for the stock, after the Italian bank’s quarterly publication.
‘With a 10% rise in management’s 2023 shareholder payout forecast and a message that such a level is sustainable for the foreseeable future, the stock price reaction seems stingy’, the broker said. .
Jefferies also considers that with more than 16 billion euros in cumulative return on capital over 2022-24 (i.e. more than 40% of market capitalization) and solid capital cushions, UniCredit remains a key value to buy.
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