Unicredit : Q2 2023: the performance and message suggest there is still upside!
>Outperform rating maintained - Target price raised to € 32.0 (vs € 26.0) - Unicredit once again posted a very robust performance in Q2 2023 (with net income at € 2.3bn before AT1/CASHES, i.e. +24% vs cons) – the upbeat is driven by both the confirmed strong revenue momentum (+6% vs cons of which +4% on NII & +2% on commissions & trading +52%), confirmed good cost control (-2% vs cons) and cost of risk that is once again negligeable and well below forecasts (-94% vs c...Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
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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