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Unicredit: Barclays upgrades stock

( - Barclays has upgraded its rating on UniCredit shares to "overweight" from "equal weight", increasing its target price for them from from 17.
4 euros to 24 euros, following the Italian bank's publication of its annual results earlier this week.

"The share price reaction YtD has already been significant," the broker says, pointing to a 35% rise in the share price, including a 12% gain on the fourth quarter results.

"We think that UCG capital distribution plans and strategic flexibility will continue to be a positive supportive factor going forward," the analyst summarised.

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