Unicaja Banco : Q3 2024 confirms an improvement in fundamentals that is already well priced-in
>Neutral rating maintained – Target price cut to € 1.35 (vs € 1.40) - Our Neutral rating is reiterated on the stock, with a target price adjusted to € 1.35 (vs € 1.40). The Q3/9M 2024 figures broadly confirm the improvement in the underlying operating performance (top line, CoR costs) and the solidity of the group’s balance sheet. We are nonetheless slightly lowering our net income forecasts (-2% on average for 2024-2026) in order to notably correct a slightly too opt...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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