UBS has reaffirmed its 'buy' recommendation on ABN Amro, with a price target raised from 17.9 to 19.6 euros, a new target with 11% upside potential for the stock, on the day after the Dutch bank's annual results.

The broker refers to this as a 'step in the right direction', pointing out that ABN Amro has unveiled better-than-expected results and provided an improved outlook. We are raising our forecasts by up to 10%", he adds in the summary of his note.

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