Jefferies reaffirms its 'buy' recommendation on Intesa Sanpaolo, with a price target raised from 3.9 to 4.1 euros, in the wake of higher forecasts of 1% in 2024 and 4-5% in 2025-26 for the Italian bank.

The broker justifies this upgrade by higher expectations for net interest income, but also for commission and insurance income following better-than-expected quarterly results, and by the positive outlook expressed at the conference.

Jefferies adds that it sees upside potential over pre-release consensus for the first quarter, with its own EPS expectations averaging 4% above consensus for fiscal years 2024 to 2026.

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