ABN Amro: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse maintains its "outperform" rating on ABN Amro shares, having increased its target price for them to E21, after the bank reported a 40% better-than-expected quarterly net profit, while being optimistic that positive trends will continue.
Still believing that the Dutch bank can outperform the consensus - both on costs and share buybacks, the broker has raised its 2023 and 2024 EPS estimates by around 23% and 6%, leaving them more than 30% above consensus.
"ABN remains one of our top sector picks for total return yield (over 17% in 2023 vs. sector at c11%), with earnings upgrades an added catalyst," it adds.
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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.
Still believing that the Dutch bank can outperform the consensus - both on costs and share buybacks, the broker has raised its 2023 and 2024 EPS estimates by around 23% and 6%, leaving them more than 30% above consensus.
"ABN remains one of our top sector picks for total return yield (over 17% in 2023 vs. sector at c11%), with earnings upgrades an added catalyst," it adds.
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.