Home » Intesa Sanpaolo is no longer the undisputed favorite among banks in Piazza Affari, more and more analysts turn to Unicredit

Intesa Sanpaolo is no longer the undisputed favorite among banks in Piazza Affari, more and more analysts turn to Unicredit

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Dull day today for Intesa Sanpaolo (-0.57% to € 2.425), worst performer among the banks of the Ftse Mib. It was an interlocutory week for the major Italian bank which in recent days has received two rejections from analysts. First Jefferies and then Credit Suisse downgraded the stock by removing the buy recommendation. And at the same time the two business houses made the reverse move on Unicredit by promoting it to buy.

Double rejection during the week for Intesa

However, the bank led by Carlo Messina continues to be appreciated by analysts, with Credit Suisse praising Intesa Sanpaolo’s diversified business model, which should offset headwinds on net interest income, we see limited growth potential from exposure. of the bank concentrated in Italy.
According to Jefferies, on the one hand, while asset management and dividends are Intesa’s strengths, on the other, analysts are currently struggling to find catalysts capable of improving sentiment on Intesa.
A positive view, on the other hand, is confirmed by Equita, which has a buy on the stock with a target price that rose by 3% to € 2.7. According to Equita, positive indications emerged from the Intesa roadshow with the bank focused on the conversion of deposits into indirect deposits and to date the bank’s customers have around 80 billion euros of liquidity parked in deposit and the goal is to transform at least 20 billion in AUM by the end of the year.

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Orcel’s new Unicredit earns credit

The Unicredit stock is gaining more and more sympathy among analysts, which in these first 4 and a half months of 2021 is among the best YTD stocks with over + 40%. Jefferies has promoted it to buy from the previous hold by revising the target price upwards from 9.30 to 12.25 euros. Jefferies believes that the Gae Aulenti square institute may be among the main beneficiaries of the better outlook on the volume of loans which should be an important support. Jefferies indicates two other factors that lead to a positive view on Unicredit: the buyback towards which up to 30% of the profits 2021-23 could be diverted and the appeal linked to possible combinations.
Credit Suisse on UniCredit, on the other hand, passed yesterday to outperform from neutral, with a new target price of € 12.5 from the previous 8.8. “Despite the stock’s rally following Q1 2021 results, we continue to see potential upside for UniCredit,” reports Credit Suisse.

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