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Unicredit: UBS welcomes announced share buybacks

( - UBS maintains its "buy" rating on UniCredit shares, maintaining its target price at E37 for them, which represents upside potential of 68% for the Italian bank's share, which remains the broker's top pick in Southern Europe.

Reviewing a sector conference held the day before, the broker underlines that this provided UniCredit with the opportunity to reiterate its message on the sustainability of its results and its return of capital, with E2.5bn of proposed share buybacks.

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