(News Bulletin 247) – Following the announcement of the results for the 1st quarter of 2023, UBS raises its price target to 3.30 E (against 3.05 E) and confirms its advice to buy the stock.
“We remain buyers of ISP due to the attractive outlook for earnings and return on capital, although UCG is a more attractive value after the first quarter revisions,” UBS said.
The group announced in terms of outlook ‘For 2023, the operating margin should increase significantly, thanks to solid revenue growth driven by net interest income (net interest income expected in 2023 above €13 billion) coupled with a continued focus on cost management, and net lending adjustments are expected to decline sharply, driving net income growth to around €7 billion’.
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