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Crédit Agricole: Oddo BHF still a buyer, but trims target

( - On Monday Oddo BHF confirms its "buy" rating on the Crédit Agricole share, while shaving a fraction off its target price from 15.
5 euros to 15.2 euros, which it says still gives the share upside potential of over 20%, despite the share's bullish path YTD.

According to the broker, the share still seems undervalued, while the consensus' expectations in terms of profitability could prove to be over-conservative, with CASA's business mix suggesting a credible generation of excess capital that is undervalued by the market.

However, the group's publication of Q3 2019 figures only leads Oddo BHF to adjust its expectations slightly (-2% on average for EPS 2020-21), hence reflecting the lack of a major turnaround in operational trends over the quarter.

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