Intesa Sanpaolo and Unicredit are tempting. Which of the 2 do you prefer?


The last session of the week ended with a minus sign for Intesa Sanpaolo which, like what happened for the Ftse Mib, lent side to some profit taking after five consecutive sessions on the rise.

Intesa Sanpaolo takes a breath after a race to the top.

After closing yesterday’s session with progress of almost one and a half percentage points, the stock defended itself better than the reference index and the other banks, with the exception of Unicredit, which stopped on parity.

Intesa Sanpaolo ended trading at 1.5524 euros, with a drop of 0.4% and over 175 million shares traded, against the average of the last 30 days of approximately 188 million pieces.

Intesa Sanpaolo, as mentioned before, was curbed by some profit taking, however very limited, defending itself better than the Ftse Mib and without accusing the blow of bad news coming from the bond front.

Intesa Sanpaolo keeps up with the spread and BTP rates rally

In fact, today the BTP-Bund spread has interrupted the downward path it had taken for several days, returning to rise and stopping at 196.4 basis points, with a rally of 4.47%.

The balance of BTPs which were subject to strong sales was also heavy, with the yield of the 10-year running upwards of 4.02% to 1.525%.

Intesa Sanpaolo is Exane’s favorite among bankers: that’s why

For Intesa Sanpaolo meanwhile very bullish indications have come from Exane, whose analysts continue to focus on the title which remains their favorite in the banking sector.

The French broker maintains his “outperform” recommendation, with a target price revised downwards from 9% to 2.1 euros, which implies an upside potential of around 35% compared to the current prices in Piazza Affari.

Exane analysts believe that investors will likely continue to focus their attention on banks that have greater capital strength and higher pre-provision margins.

Two characteristics that Intesa Sanpaolo can boast at a higher level in the reference sector, given that it has the largest pre-provision profit margin between Italian banks and the second largest MDA buffer.

Intesa Sanpaolo with a prize. The OPS on Ubi Banca will continue

Exane also particularly appreciates Intesa Sanpaolo’s flexible approach to budget management.
Analysts also point out that Intesa Sanpaolo is trading at a premium, adding that the latter will still last.

Finally, returning to talk about the Ops launched on Ubi Banca, Exane’s experts believe that the same creates value for Intesa Sanpaolo shareholders and the idea is that the offer will go ahead on schedule.

Unicredit stronger than Intesa on the stock exchange. Will it counter Ops on Ubi?

An operation in which Unicredit could slip, according to at least the rumors circulated yesterday, according to which the group led by Mustier would be considering the possibility of buying a 10% stake in Ubi Banca to counter Intesa Sanpaolo’s offer.

Meanwhile, today Unicredit has defended itself better than its competitors, tearing the plus sign for the sixth session in a row, but with an almost zero increase.

In fact, the stock stopped at 7.666 euros, in fractional progress of 0.01%, with very high trading volumes, given that over 42 million shares passed on the market at the end of the day, against the average of the last 30 days of 28 millions of pieces.

Unicredit: Exane is bullish. Here are the reasons

Also for Unicredit the view expressed by Exane is bullish which covers the title with the same judgment reserved for Intesa Sanpaolo, that is with an “outperform” rating and a target price also cut in this case by 9% to 11 euros, with a potential margin upside of 43%.

The broker believes that Unicredit travels on very low ratings and this explains the “outperform” rating: analysts draw attention to the quality of the group’s assets which is at the forefront of the class.

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