03:56 AM EDT, 07/20/2026 (MT Newswires) -- BofA Global Research anticipates a "beat and raise" when UniCredit (UCG.MI) reports its second-quarter results on Wednesday. "We forecast another EUR3.1bn net profit for UniCredit in 2Q; that's a 1H annualizing at c.EUR12bn, which we believe provides scope for a 2026 guidance upgrade to ≥EUR11.5bn, up from ≥EUR11bn currently. BofA set net profit estimate of c.EUR11.8bn in 2026e and c.EUR13.2bn in 2028e, respectively compares to consensus at EUR11.2bn and EUR13.0bn, +1-5% ahead. This is excluding any additional contribution from the higher stake in Commerzbank [CBK.F]," according to a July 16 earnings preview note. The research firm also views anticipated clarity on UniCredit's "control" of Commerzbank alongside its earnings release as a primary catalyst for the Italian lender's stock re-rating. Against this backdrop, analysts reiterated their buy rating, with a price objective of 100 euros, adding that the Italian lender is still one of their "top picks" and a "mispriced opportunity." "UniCredit's valuation remains undemanding, in our view, given its [return on tangible equity] and outlook to deliver further cost and [risk-weighted asset] efficiencies. We see significant value in its prospects to deploy capital to shareholders, either in the form of distribution, organic growth and/or via M&A. Consolidating fragmented banking markets comes with significant value creation and this potential is undervalued, in our view. With a ROTE of c.26% in 2028e, we believe UniCredit is one of the most profitable banks globally," the note said.

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