BNP Paribas: Oddo BHF still a buyer, but cuts target

(CercleFinance.com) - Oddo BHF has reinstated its "buy" rating on the BNP Paribas stock, while cutting its target price from 68 euros to 56.
7 euros, after the banking group cut its forecasts (-18% for 2019, followed by -16% for 2020 ).

The broker says that its forecasts are 5% lower than the consensus before the last publication for 2019 and 10% for 2020, but also below BNP Paribas' targets, mainly because of its greater caution on revenues.

Based on forecasts that are below the consensus and the group's revised strategic plan, the stock nevertheless offers a upside potential of around 40%, the broker says, adding that the removal of questions on solvency means that the market should no longer apply a discount to the share.



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