Intesa Sanpaolo : Another very solid performance in Q2 2023
>Outperform recommendation maintained - Target price raised to € 3.7 (vs € 3.4) - Outperform rating underpinned following the Q2 2023 results, which were reassuring on the key operating aspects (top-line momentum, cost control and reassuring trend in moderate level of the CoR), capital/returns to shareholders, liquidity and the exposure to Russia. We increase by an average of 8% our net income estimates for 2023-2025e to factor in the favourable trend in the top line ...Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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