Western European Countries – Italy: Second
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Western European Countries – Italy: Second

Carola Bardelli & team

Deutsche Bank

Deutsche Bank drops from first place to second. Now with four members, down from seven last year, the team is led by Carola Bardelli in Milan and follows 50 Italian companies, down from 58; insurance and media names are currently covered out of London, the team leader says. Despite the changes, the analysts continue to provide “good, solid research and detailed insight into what’s going on in the Italian market,” as one money manager puts it. They are generally upbeat on equities this year, in anticipation of a rebound in global economic growth, and are urging clients to overweight banks, building and construction companies, insurers and telecommunications outfits, among others, and underweight consumer staples. A return to a positive macro environment, coupled with expected streamlining and restructuring — including disposal of assets in noncore markets — should unlock hidden value at team favorite UniCredit, Bardelli says. The Rome-based commercial bank’s shares were trading at €3.71 in late December, and the Deutsche crew believes they will rise to €4.20. — Paul Sweeney

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