Mediobanca: Jefferies upgrades stock
(CercleFinance.com) - Jefferies has upgraded Mediobanca shares from "hold" to "buy", with a target price raised from E10.
6 to E12.4, in particular considering that the Italian bank's lower sensitivity to interest rates could prove to be a relative strength.
"MB's new business plan meets our call for evolution, shifting the focus to lower capital-absorbing business (wealth management) and reducing capital allocation on CIB and Consumer Finance", the broker said.
"Regulation will allow RWA efficiencies, supporting a generous distribution policy with >30% mkt cap returned to shareholders in 24-26e FY", it adds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
6 to E12.4, in particular considering that the Italian bank's lower sensitivity to interest rates could prove to be a relative strength.
"MB's new business plan meets our call for evolution, shifting the focus to lower capital-absorbing business (wealth management) and reducing capital allocation on CIB and Consumer Finance", the broker said.
"Regulation will allow RWA efficiencies, supporting a generous distribution policy with >30% mkt cap returned to shareholders in 24-26e FY", it adds.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.