UniCredit: Jefferies maintains 'buy' rating.

(CercleFinance.com) - Jefferies is maintaining its "buy" rating on UniCredit, raising its target price from 17.
20 euros to 19.20 euros.

In a research note sent to clients, the broker says it sees scope for the valuation discount versus peers to further unwind as the Italian banking giant "delivers on balance sheet clean-up."

"The cost-cutting measures (...) offer a firm path to improved profitability in absence of external factors, but we think UniCredit also offers comparable positive margin gearing to peers if interest rates were to surprise positively going forward," Jefferies adds.

UniCredit remains its "top pick" in Southern Europe.



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