0655 GMT - Mediobanca's share drop on its third-quarter operating profit miss due to lower core revenue seems harsh, Citi says in a research note. It does expect some consensus pressure following the results, but the share-price reaction seems to also be driven by positioning and past overdelivery of Mediobanca not being visible in core profitability, analyst Azzurra Guelfi writes. She also points to management actions for future profitability such as its deposit campaign and its lending slowdown to protect its margin, which hindered the result. Shares in the Italian bank closed 5.7% lower Tuesday at 14.31 euros. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
November 13, 2024 01:56 ET (06:56 GMT)
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