(CercleFinance.com) – Jefferies reaffirms its ‘buy’ recommendation and its target price of 19 euros on UniCredit, one of its favorite stocks (‘top picks’) among European banks, pointing to a capital return deemed ‘convincing ‘.
“We see the bank delivering 14.8 billion euros of cumulative capital return over the period 2021-24 (more than 50% of market capitalization), while maintaining a payout ratio below 100%”, specifies the broker.
In the summary of its note on the Italian establishment, Jefferies also highlights the potential for continued growth in net interest income, a solid provision cushion and a valuation which, according to him, remains ‘undemanding’.
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