RBC starts UniCredit at 'sector perform', sees limited near-term scope for upgrades

COMMERZBANK AG

15/09/2026 07:29

** RBC Capital Markets initiates coverage of Italy's UniCredit CRDI.MI with a "sector perform" rating on short-term risks and lower earning visibility as it consolidates Commerzbank's CBKG.DE acquisition
** The brokerage sees limited scope for meaningful short-term consensus upgrades, hindering a re-rating in the near future
** "We believe in UniCredit's ability to deliver guided cost synergies, but prevailing revenue attrition uncertainty impacts our earnings visibility at this stage," it says
** RBC expresses doubts over the scope for a guidance upgrade from the current 2028 target of "well above" €13 billion  ($14.99 billion), as potential rate benefits are likely to be offset by higher-than-expected, inflation-driven integration costs    
** The brokerage sets its TP at €90, slightly above Monday's closing price of €84.5 per share 
** Out of 21 analysts covering UniCredit, 15 rate the stock "buy," 5 rate it "hold," and one mantains a "sell" rating - LSEG data 

($1 = 0.8669 euros)

 (Reporting by Anna Uras)
 ((Anna.Uras@thomsonreuters.com))