UniCredit's share price is up nearly 1% on the Milan Stock Exchange, benefiting today from two positive analyses.

Barclays reaffirms 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% after 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'.

UBS is also reiterating 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 institution's stock.

"UniCredit's defensive status is supported by the improved outlook for earnings and return on capital after the fourth quarter", the broker judges after this publication, which he believes constitutes "a further demonstration of strength".

The capital-adjusted PE (price/earnings ratio) of around five times still suggests considerable upside potential from now on', adds UBS in the summary of its research note.

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