Kepler Cheuvreux cuts Unicaja to 'hold' as valuation reflects upside

Unicaja Banco SA

11/02/2026 08:07

** Kepler Cheuvreux downgrades Spanish bank Unicaja UNI.MC to "hold" from "buy," as the stock's valuation now reflects most of its upside, while strategic optionality has diminished

** It removes the merger and acquisition premium from its valuation, stating Unicaja is no longer an attractive or realistic M&A candidate at current price levels

** The broker notes the investment case is now primarily dividend-led, offering attractive income but limited rerating potential

** It views the stock as a stable, income-oriented bank rather than a growth or special-situation opportunity

** "We believe the risk-reward profile has shifted materially," it adds

**  It cuts target price by 6.5% to 2.90 euros, reflecting higher core earnings but reduced upside from capital deployment and corporate activity

** Out of 19 analysts that cover Unicaja, ​one rates the stock "buy,"​​ ten rate "hold" and eight​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Marta Serafinko in Gdansk)

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