While reiterating its 'neutral' opinion on UniCredit, Oddo BHF has raised its price target from 34 to 36 euros, citing another positive surprise in the Italian bank's quarterly results.

"The Group has (again) delivered a very solid operational performance (top-line momentum, cost discipline, evolution of asset quality/CdR)", says the analyst, who also points to "a confident message on 2024 guidance".

Oddo BHF believes, however, that the quality of the Group's fundamentals is already well 'priced in' in view of the stock market performance over the past year, and is already integrating the Group's operating/balance sheet and return-to-shareholder prospects over the medium term.

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