BNP Paribas: Oddo still a buyers, adjusts target price
(CercleFinance.com) - Oddo BHF reiterates its "buy" recommendation on the BNP Paribas share, having nudged up its target price from 50.
1 euros to 50.3 euros (45% upside potential), following a market reaction on risks that is not really surprising after the bank published its Q2 results.
The broker has raised its forecasts for the Group by 11.7% for 2020 - essentially corresponding to the surprise for CIB in Q2 - and by 2.6% for 2021 - as a result of several limited adjustments, without any fundamental change in the outlook.
The non-use of BNPP's leeway in Q2 regarding provisioning reinforces the broker's view that the actual level of risk, net of existing provisions, is well below market concerns, the analyst said.
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