UBS has reaffirmed its 'buy' recommendation on ABN Amro, and raised its target price from 18 to 18.7 euros, implying a potential upside of 31% for the Dutch bank's shares.

In the summary of its note, the broker explains that it is raising its forecasts and price target 'to take account of the improvement in net interest income in the fourth quarter, as well as the new targets announced by management'.

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