Intesa Sanpaolo : Q4 2022 release and 2023 guidance underpin our positive approach
>Outperform rating maintained – target price raised to €3 .0 (vs € 2.9) - Outperform rating maintained following this Q4 2022 release, which was reassuring on the key operating indicators (particularly the top line and underlying asset quality), capital/shareholder returns and Russian exposure. We have raised our 2023-2025 net income estimates by 3% to take account of the favourable trend for the top line (rates) but also a reassuring showing on costs and the cost of ...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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