Amundi: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF has reiterated its 'outperform' rating on Amundi shares, nudging up its target price from E75 to E78, ahead of the asset and investment management group's earnings release, scheduled for 30 October.


The broker explains that it is raising its TP to take into account the favourable impact of market variations since the end of June, which has led it to raise its EPS forecasts for 2024 and 2025 by 1.5% and 4.1% respectively.

It believes that Amundi retains various medium/long-term growth levers, as well as the capacity to achieve external growth, and sees the steepening of the yield curve as ultimately supporting net inflows on its medium/long-term savings products.

For Q3, Oddo BHF forecasts a 12% rise in adjusted net income to E326m, driven by a 1.9% increase over three months in assets under management, to E2,197bn at the end-September.


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