(CercleFinance.com) – AlphaValue lowered its recommendation on UniCredit on Tuesday, bringing it back to ‘sell’ against ‘accumulate’ so far, with a price target maintained around 8.3 euros.
In its research note, the Parisian research office returns to the confirmation, by the Italian financial group, that it planned to put an end to its activities in Russia.
According to AlphaValue, the loss in market value following this announcement more than compensates for the maximum losses linked to Russia.
The stock market correction of 40% has indeed seen some 17 billion euros in market capitalization go up in smoke, while direct exposure to Russia does not exceed 7.4 billion euros according to him.
While waiting to learn more about the direct and indirect impact of the crisis, AlphaValue prefers to cautiously reduce its estimates on the value.
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