BNP Paribas: Oddo BHF raises target price after results
(CercleFinance.com) - Broker Oddo BHF has conirmed its "buy" rating on BNP Paribas with an increaed target price target of 58.
9 euros (vs. 56.7 previously), which mainly reflects the group's increase in its 2020 forecasts on which its valuation is based.
The French banking group has raised its forecasts for operating income by +5% for 2019 and +6% for 2020, stating that this is more the result of multiple and divergent adjustments than a specific fundamental trend.
The broker points out that at its new target price, the share would have a P/E of 9.4x, in line with the average of implied multiples of other related shares it covers, and upside potential of around 23%, against 16% for peers monitored by the broker.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
9 euros (vs. 56.7 previously), which mainly reflects the group's increase in its 2020 forecasts on which its valuation is based.
The French banking group has raised its forecasts for operating income by +5% for 2019 and +6% for 2020, stating that this is more the result of multiple and divergent adjustments than a specific fundamental trend.
The broker points out that at its new target price, the share would have a P/E of 9.4x, in line with the average of implied multiples of other related shares it covers, and upside potential of around 23%, against 16% for peers monitored by the broker.
Copyright (c) 2019 CercleFinance.com. All rights reserved.