UniCredit rises after JPMorgan ups price target to €70
UniCredit shares are trading higher after JPMorgan raised its price target to €70 from €68 per share, reaffirming its "Overweight" rating.
Last night, the bank led by CEO Andrea Orcel announced it has converted around 10% of its synthetic stake in Commerzbank into shares, raising its holding and voting rights to approximately 20%. UniCredit also intends to convert the remaining 9% in due course, potentially reaching about 29% of voting rights. Commerzbank responded that, "once again," UniCredit acted unilaterally and emphasized that the move has no impact on its leadership or strategic direction.
Meanwhile, reports in the press suggest the European Commission’s decision on whether the Italian government can exercise its golden power in UniCredit’s public offer for Banco BPM is likely to come after the offer period ends on July 23. Today, the Lazio Regional Administrative Court (TAR) is holding a hearing on UniCredit’s request to annul the decree that imposed limits on the operation.
UniCredit is currently trading at €59.18, up 1.27%. Technical indicators point to a bullish session, with resistance levels at €59.32 and €59.72. Support is seen at €58.92.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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