1104 GMT - Results season showed that Southern European banks had a decent start to the year with earnings estimates and share prices moving higher, Keefe, Bruyette & Woods says in a research note. "We now generally see less potential upside than before," analysts Hugo Cruz and Ben Maher write. KBW downgrades UniCredit and Monte dei Paschi to market perform from outperform following the stocks' strong run. The lack of clarity around the next steps in outstanding M&A bids also limits the potential upside as the landscape remains complicated, they note, adding that they now give lower odds to UniCredit and BBVA's takeover bids due to political opposition. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
May 15, 2025 07:04 ET (11:04 GMT)
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