Intesa Sanpaolo: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF has reaffirmed its 'outperform' rating on Intesa Sanpaolo, with a target price raised from E4.
6 to E4.9, following a publication deemed reassuring on key operational points, and ultimately on capital/return to shareholder.
The diversification of the business model (focus on long-term savings) should continue to favor Intesa Sanpaolo within the sector in the new interest-rate environment, the analyst says, who raises his net income estimates for 2024-26 by an average of 3%.
Oddo BHF also considers that the valuation remains attractive in view of the quality of the fundamentals and the prospects for shareholder return (yield of around 10% on average over 2024-26, i.e. over 200 basis points above the sector).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
6 to E4.9, following a publication deemed reassuring on key operational points, and ultimately on capital/return to shareholder.
The diversification of the business model (focus on long-term savings) should continue to favor Intesa Sanpaolo within the sector in the new interest-rate environment, the analyst says, who raises his net income estimates for 2024-26 by an average of 3%.
Oddo BHF also considers that the valuation remains attractive in view of the quality of the fundamentals and the prospects for shareholder return (yield of around 10% on average over 2024-26, i.e. over 200 basis points above the sector).
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.