KBC: Credit Suisse still steering clear after Q1 results
(CercleFinance.com) - Credit Suisse reiterates its "underperform" rating on KBC shares, along with its target price of E66 (cp: E57.
6, +0.3%), despite raising its 2023 EPS estimate to E8, due to a lower cost of risk, after the Belgian bank's Q1 results.
"While 1Q23 net profit beat, weaker than expected NII and an absence of declared buyback weighed on the shares," the broker notes, pointing to complexity added to the figures by a restatement for IFRS17.
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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.
6, +0.3%), despite raising its 2023 EPS estimate to E8, due to a lower cost of risk, after the Belgian bank's Q1 results.
"While 1Q23 net profit beat, weaker than expected NII and an absence of declared buyback weighed on the shares," the broker notes, pointing to complexity added to the figures by a restatement for IFRS17.
Copyright (c) 2023 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.