UBS has reaffirmed its 'buy' recommendation on Intesa Sanpaolo, with its price target raised from 4.05 to 4.2 euros, a new target implying a 23% upside potential for the Italian banking institution's shares.

Although it does not have a differentiated valuation and distribution angle like UniCredit, we see Intesa Sanpaolo supported by a solid earnings profile and well-known intrinsic qualities", says the broker.

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