While maintaining its 'neutral' opinion on UniCredit, Oddo BHF has raised its target price from €47 to €54, after a first quarter that 'confirmed UniCredit's operational strength and was better than the group itself had expected'.

The broker has raised its net income estimates for 2025-27 by an average of 6%, but believes that the quality of the group's fundamentals already appears to be well reflected in the share price and in its model.

Our approach also takes into account the lack of visibility on the outcome of both the offer for Banco BPM and the strategic investment in Commerzbank, the analyst in charge of monitoring the Italian bank says.


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