Unicredit : Investment case now too weakened...
>Rating downgraded to Neutral (from Buy) – TP cut to € 10.2 (vs € 11.1) - We have downgraded our rating on Unicredit to Neutral (vs Buy), with a target price lowered to € 10.2 (vs € 11.1). The warning issued yesterday by the group on the cost of risk undermines slightly further (too much) our hitherto positive investment case which was based on tangible/activatable improvements in the operating jaws (reduction in costs, a clean-up of the balance sheet/decline in the 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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