Unicredit : Re-rating still significant and, importantly, more credible!
>Rating upgraded to Outperform (vs Neutral) – target raised to € 26.0 (vs € 21.0) - UniCredit posted another very solid performance in Q1 2023 (net income of € 2.1bn, +65% vs cons.) but this time without the help of one-offs – the beat was driven by robust top line momentum (+12% vs cons with +8% on NII and +17% on commissions), confirmation of good cost control (-3% vs cons.) and again a very modest cost of risk (-75% vs cons.). The quarter was also marked by a spect...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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