Amundi: Oddo BHF raises target price
(CercleFinance.com) - While maintaining its "neutral" rating on the Amundi share, Oddo BHF has raised its corresponding target price by 6% to 68.
5 euros, which it says essentially reflects adjustments in its forecasts (about +4% for 2020 and 2021) after the asset manager reported its quarterly results.
According to the broker, Amundi's valuation premium seems justified, with it highlighting a significantly lower breakeven point than the sector, along with earnings growth that is expected to exceed the sector average (excluding Blackrock).
However, although Oddo BHF is fundamentally positive towards the group, it cannot really see any increase in the premium that Amundi already enjoys, the analyst says, who sees the upside potential as limited and in line with average levels amongst asset managers.
Copyright (c) 2019 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.
5 euros, which it says essentially reflects adjustments in its forecasts (about +4% for 2020 and 2021) after the asset manager reported its quarterly results.
According to the broker, Amundi's valuation premium seems justified, with it highlighting a significantly lower breakeven point than the sector, along with earnings growth that is expected to exceed the sector average (excluding Blackrock).
However, although Oddo BHF is fundamentally positive towards the group, it cannot really see any increase in the premium that Amundi already enjoys, the analyst says, who sees the upside potential as limited and in line with average levels amongst asset managers.
Copyright (c) 2019 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.