UBS has upgraded its recommendation on Mediobanca from 'neutral' to 'buy', with a target price raised from 13.1 to 14.1 euros, a new target that offers a potential 20% increase in the Italian bank's share price.

The broker justifies this upgrade by "the emphasis placed on the asset management business, the defensive net interest income profile and the attractive returns on capital with a yield of around 13% over 2024-26".

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