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UniCredit: UBS 'Neutral' after bank presents strategy

( - UBS maintains its neutral rating on UniCredit shares, after the Italian bank presented its medium-term guidance.

The broker maintains its 12-month target price at 12.8 euros.

According to analysts, management's projections through to 2023 are, at first sight, unsurprising. Trading at a 2020 P/E of 8.5x times, the UniCredit share is not considered expensive, although this is discounted at around 5% compared to European banking shares, UBS calculates.

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