RBC Updates Model for UniCredit Post-Q3 Results

01:26 AM EST, 11/11/2026 (MT Newswires) -- RBC Capital Markets revised its earnings estimates for UniCredit (UCG.MI) after the release of the Italian banking group's third-quarter results. In a Tuesday model update report, the research firm said it models a full-year 2026 group net profit of 12 billion euros, compared with management's guidance of "well above" 11.5 billion euros pre-extraordinary charges. RBC also projects net interest income of 15.01 billion euros and 25.8 billion euros in net revenue. "Our FY28 reported PBT estimate increases by c.3% driven by higher-than expected NII (more positive NIM assumption as well as c.1% higher avg. net loans and customer deposits) and fee and commission income (largely driven by upgraded assumptions in Italy), which are partly offset by slightly higher operating expenses and loan loss provisions (unchanged cost of risk assumption)," the note said. "On a stated net profit basis, our estimate also increases by c.3pp even after considering a c.60bps increase in our Group effective tax rate assumption to reflect higher taxes in Italy." Analysts raised the stock's price target to 100 euros from 90 euros, while maintaining its sector perform rating. "Our 2028 PT is positively impacted by a one-year reduction in our discount period," RBC wrote.