UniCredit (UNCRY) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
A Russian court has eased restrictions imposed on UniCredit in a lawsuit over an aborted gas project, on Friday permitting the Italian lender to offer Russian sovereign bond holdings as collateral instead of other assets and property. The St Petersburg arbitration court ruled in mid May that 462.7 million euros ($503 million) in securities, real estate and accounts belonging to UniCredit, as well as 100% of shares in UniCredit Leasing and UniCredit Garant, be seized. UniCredit Leasing and UniCredit Garant are subsidiaries of AO UniCredit Bank, the Italian group's Russian arm.
UniCredit (UNCFF) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).