Intesa Sanpaolo: UBS still a buyer, adjusts TP

(CercleFinance.com) - UBS has confirmed its 'buy' recommendation on Intesa Sanpaolo shares, nudging its TP up from E4.
2 to E4.3, with its new TP now representing 24% upside potential for the Italian financial institution's shares.

The broker considers last Friday's quarterly publication to be solid, pointing to the acceleration in commissions as the main positive point, and if management has left its targets unchanged, he probably sees this as a sign of caution.

UBS adds that "Post 1Q EPS upgrades are moderate at c2-3%, but focus shifting towards (market) fees is welcome in our view given ISP's high gearing to that revenue line".


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