BNP Paribas: Jefferies still a buyer, raises TP

(CercleFinance.com) - Jefferies confirms its "buy" rating on BNP Paribas shares, adding a euro to its target price of E89 (to E90), which suggests 50% upside potential for the stock, after 1% to 3% improvements in EPS estimates for the banking group.


"2Q23 performance (earnings, capital, liquidity, asset quality) confirms our view that positive consensus revisions are due and buyback support will last until Y/E", it says.

Ultimately, the broker believes that "BNPP should be rewarded for its resilience & organic growth, and see its multiple re-rate from its current 6x P/E & 0.6x P/TBV '24 vs. 12% ROTE '25".


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.