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Investing.com - Goldman Sachs has reiterated its Buy rating on UniCredit SpA (BIT:UCG) (OTC:UNCFF) with a price target of EUR80.60.
The investment bank’s decision is based on expectations for strong fee and other non-interest income growth over the medium term. This growth is expected to be supported by the internalisation of UniCredit’s life insurance joint venture and the equity stake consolidation of Commerzbank.
Goldman Sachs also cited operational expense control and lower systemic charges as factors that would support the banking group’s profitability going forward.
The firm highlighted UniCredit’s sector-leading capital distribution as another key factor supporting the Buy rating.
UniCredit, an Italian global banking and financial services company, continues to maintain a presence in both European and international markets.
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