BofA Maintains UniCredit's Buy Rating Post-Q3 Results

10:34 AM EST, 11/09/2026 (MT Newswires) -- BofA Global Research reiterated its buy rating on UniCredit (UCG.MI), highlighting the company's stronger-than-expected net interest income and pre-provision operating profit for the third quarter. The Italian banking group's net interest income rose 8% year over year to 3.83 billion euros, exceeding BofA and consensus estimates by 1% and 3%, respectively, the research firm said in a Monday note. Pre-provision operating profit, meanwhile, beat expectations by 11%. "The P&L was supported by NII, fees/insurance and solid loan growth but also lower tax rate and Russia. 2026 net profit guidance was increased to 'well above' c.EUR11.5bn ex integration costs, up from EUR11.5bn (vs. consensus at EUR11.3bn). Interim dividend of EUR3.0 due in 16 days and new EPS guide should anchor market expectations in 2028 and drive P/E rerating. Given 3Q results reported by peers so far this is a home run," analysts said. BofA added that the necessary authorizations related to its planned acquisition of German peer Commerzbank (CBK.F) are due by the end of November, viewing the extraordinary general meeting date as the next catalyst. The Italian stock's price objective stands at 113 euros.