Unicredit : We are upgrading our recommendation to Buy vs. Neutral
UniCredit's quarterly earnings release was marked by a further downward revision of revenue targets to reflect the persistently low interest rate environment. The forthcoming 2020-23 strategic plan, due to be presented in December, will share two points with the previous plan: further cost-cutting and balance sheet pruning. Regarding these points, management, which set more ambitious targets than forecast, has shown its worth. Lastly, the distances to regulatory requirements, be ...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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