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UniCredit: Jefferies downgrades to 'hold'

(CercleFinance.com) - Jefferies has downgraded the share of Italian bank UniCredit from "buy" to "hold," while maintaining its target price of 9 euros.


While the broker continues to see value at UniCredit, it says it sees less mid-term earnings catalysts relative to rival Intesa Sanpaolo.

The analyst also says that "weak visibility" on provision outlook remains a clear risk factor.

"With about 25% of Italian system corporate loans under some form of moratorium, the speed of rebound remains key to how successfully near-term liquidity measures can stave off medium-term solvency issues," it wrote in a note.

The UniCredit share is currently down 1.8% on the Milan Stock Exchange.

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