Oddo BHF reiterates its 'neutral' opinion on UniCredit, but raises its target price from €36 to €38, following a publication that again exceeded expectations in the first quarter and leads it to raise its estimates by an average of 5% over 2024-26.

The quality of the Group's fundamentals is already well proven, given the stock's performance over the past year, and we are already integrating the Group's operating/balance sheet and return-to-shareholder prospects over the medium term", believes the analyst.

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