UBS has reaffirmed its 'buy' recommendation on Intesa Sanpaolo, with an adjusted price target of 4.2 to 4.3 euros, a new target that holds 24% upside potential for the Italian financial institution's shares.

The broker considers last Friday's quarterly publication to be solid, pointing to the acceleration in commissions as the main positive point, and if management has left its targets unchanged, he probably sees this as a sign of caution.

Post-first-quarter EPS increases are moderate at around 2-3%, but the new focus on (market) commissions is welcome in our view, given Intesa Sanpaolo's high leverage on this revenue line', adds UBS.

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