Unicaja Banco : Not really a rethink … just a pause!
>Rating downgraded to Neutral (vs Outperform) – Target price cut to € 1.3 (vs € 1.35) - We downgrade our rating on the stock to Neutral (vs Outperform) and lower our target price to € 1.30 (vs € 1.35). Despite the Q3 2023 results, which broadly confirmed the good underlying operating momentum (top line, costs, cost of risk) and the group’s strong balance sheet, we cut our net income estimates again (-4% on average over the period 2023-2025e, after having already cut t...Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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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