Unicredito Has Upside In Poland - Fox, Pitt

Fox, Pitt-Kelton keeps Unicredito Italiano (UC.MI) rated outperform with EUR5 target after a tour of banks in Poland. Says Unicredito should benefit from merger of its Pekao (PEO.WA) unit and BPH (BPH.WA), which is controlled by HVB Group (HVM.XE), and which Unicredito is buying. Brokerage expects the two Polish banks to account for around 12% of Unicredito-HVB's combined net profit this year, and sees value growing there when Pekao and BPH are merged. Unicredito shares -0.5% to EUR4.67.

(Source: Dow Jones & Company)

Market research in Poland - NOVEA