Barclays has reaffirmed its 'overweight' recommendation on UniCredit, with a price target raised from €33.5 to €35.9, in the wake of an adjusted EPS estimate raised by 7% following the results for the last quarter of 2023.

According to the broker, the Italian bank will redistribute around 31% of its market capitalization over the next two years, and its valuation looks convincing at a 2024 P/E ratio of five times, 'especially considering the resilience of profitability going forward'.

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