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Intesa Sanpaolo shares rise as UBS and JPMorgan maintain positive ratings
Analyst Delphine Lee has slightly adjusted her valuation model for Intesa Sanpaolo ahead of its quarterly report, with the bank's shares currently trading at EUR 4.15, reflecting a 7.37% increase over the past month. UBS and JPMorgan maintain a 'Buy' rating with target prices of EUR 5, while Jefferies rates it 'Buy' at EUR 4.40, despite a recent quarterly miss. Following a strong annual profit of nearly EUR 8.7 billion, the bank plans a significant share buyback of up to EUR 2 billion.
Alphabet reports strong growth while Grenke warns of insolvency wave
The Executive Board anticipates no improvement in earnings this quarter, with defaults negatively impacting results. In contrast, Alphabet reported a robust 15% revenue increase to $88.27 billion in Q3, surpassing expectations, while UBS exceeded profit forecasts by 82%, driven by strong investment banking. Grenke warned of rising insolvencies in Europe, leading to increased bad debt losses.
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