While reaffirming its 'buy' recommendation on ABN Amro, UBS has reduced its price target from 19.9 to 19.2 euros, a new target that still harbors 19% upside potential for the Dutch financial institution's shares.

The broker raises its net income forecasts following the first-quarter publication, but reduces its share buyback assumptions. The valuation remains attractive, but lacks a short-term catalyst", he adds.

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