Barclays reaffirms its 'Overweight' recommendation on UniCredit, with a price target raised from €32.7 to €33.5, in a note on the Italian banks ahead of their forthcoming earnings releases.

"We expect fourth-quarter net interest income to be solid, EPS guidance for 2024 to be maintained, and messages on returns on capital to be upbeat", says the broker.

Barclays believes, however, that this is generally reflected in consensus and that share price reactions will depend on measures to maintain EPS 'credibility', with Intesa Sanpaolo and Unicredit best placed in this regard.

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