UniCredit: shares up after Morgan Stanley raises target
(CercleFinance.com) - UniCredit shares are up over 2% today after Morgan Stanley increased its target price for the Italian lender.
The broker - which has an "overweight" rating on the share - has raised its target price from 15.3 euros to 16 euros.
The shares are trading at a 20% discount relative to their price-to-tangible book value of 2016, right before the bank raised 20 billion euros of capital, its report says.
"Even discounting for political risk, this is too conservative," Morgan Stanley says, seeing "compelling upside."
The shares are currently up 2.1% at almost 12 euros.
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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.
The broker - which has an "overweight" rating on the share - has raised its target price from 15.3 euros to 16 euros.
The shares are trading at a 20% discount relative to their price-to-tangible book value of 2016, right before the bank raised 20 billion euros of capital, its report says.
"Even discounting for political risk, this is too conservative," Morgan Stanley says, seeing "compelling upside."
The shares are currently up 2.1% at almost 12 euros.
Copyright (c) 2019 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.