Citi upgrades KBC on 'valuation disconnect'
BUZZ-Citi upgrades KBC on 'valuation disconnect' ** Citi upgrades Belgian bank and insurance group KBC KBC.BR to "buy" from "neutral" as it says the recent share derating against European peers appears unjustified
** The brokerage says the stock now trades in line with sector averages despite possessing a more defensive earnings profile and superior volume growth
** Citi highlights a "clear valuation disconnect" for the firm given its highly resilient business model and leading position in cross-selling across key markets
** It notes that KBC benefits from its AI assistant Kate and strong exposure to fast-growing Central and Eastern European markets
** Out of 22 analysts that cover KBC, 10 rate the stock "strong buy" or "buy," 10 rate it "hold" and two rate the stock "strong sell" or "sell" - LSEG data
(Reporting by Hugo Lhomedet)
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