UniCredit: Jefferies still a buyer

(CercleFinance.com) - Jefferies confirms its buy recommendation on the stock, with an unchanged target price of E47, following the launch of a public exchange offer (PEO) for its compatriot BancoBPM in a deal valued at some E10.
1bn.

In our opinion, the offer is strategically sound and would enable UniCredit to defend its position as Italy's second-largest bank by loans/deposits, the broker says.

The strategic logic is also supported by BancoBPM's pending bid for Anima (NC) and the additional option on BMPS (although management ruled out any ambition on BMPS during the call), Jefferies adds.


Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.