JPM sees UniCredit's move on Commerzbank as positive for other M&A target banks
** J.P.Morgan says UniCredit's CRDI.MI move to acquire a 9% stake in Germany's Commerzbank CBKG.DE could trigger an M&A cycle in the European banking sector
** It sees a positive read-across for banks that are historically considered as targets, such as Commerzbank, Netherland's ABN Amro ABNd.AS and Italy's Banco BPM BAMI.MI
** JPM upgrades Commerzbank to "overweight" from "neutral", seeing it as an "in-play" in the M&A field and noting UniCredit said it would seek authorization to buy more than 9.9% of the German bank "if and when necessary"
** It raises ABN Amro to "neutral" from "underweight" and says its Dutch retail business and Northern European private banking franchise could attract a potential buyer, though it notes the Dutch government is still a majority stakeholder with around 41%
** It upgrades Banco BPM to "neutral" from "underweight" and lifts PT to 6.40 euros from 6 euros, pointing to the past interest shown by UniCredit which it says could still consider M&A in its domestic market
Reporting by Philippe Leroy Beaulieu
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