CNP Assurances: Oddo downgrades stock
(CercleFinance.com) - Oddo BHF downgraded its rating on CNP Assurances from "outperform" to "neutral", as the stock has logically moved very close to the price of the simplified public offer (21.
9 euros per share) that La Banque Postale intends to launch.
The broker notes that on Friday the company unveiled earnings and gross operating income that are slightly above expectations for the first nine months of the year, despite premiums falling short of the consensus.
Oddo points to a continued improvement in the product mix, with sales of unit-linked policies alone up 69%.
The share is currently flat, just underperforming a pretty flat market in Paris.
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