UBS has reiterated its 'buy' recommendation on UniCredit, with a price target raised from €39.8 to €42.5, a new target that offers 47% upside potential for the Italian banking group's shares.

UniCredit's defensive status is underpinned by the improved outlook for earnings and return on capital after the fourth quarter", says the broker after this publication, which it considers "a further demonstration of strength".

"The capital-adjusted PE (price to EPS ratio), at around five times, still suggests considerable upside potential from here on in", adds UBS in the summary of its research note.

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