Unicredit : Solid Q3 2021 & strategy update (without BMPS) in early December
>Neutral rating maintained – target price raised to € 11.4 (vs € 10.4) - The operating performance in Q3 2021 was solid, thanks above all to the fall in the cost of risk as well as a better-than-expected trend in NBI (driven mainly by non-recurring items). We raise our estimates for 2021-2022e by ~13% on average. We maintain our Neutral rating, with a target price automatically raised to € 11.4 (vs € 10.4), and remain cautious as regards the group’s strategic options ...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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