Intesa Sanpaolo: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF has reaffirmed its 'outperform' rating on Intesa Sanpaolo, with a target price raised from E4.
6 to E4.9, following a publication deemed reassuring on key operational points, and ultimately on capital/return to shareholder.

The diversification of the business model (focus on long-term savings) should continue to favor Intesa Sanpaolo within the sector in the new interest-rate environment, the analyst says, who raises his net income estimates for 2024-26 by an average of 3%.

Oddo BHF also considers that the valuation remains attractive in view of the quality of the fundamentals and the prospects for shareholder return (yield of around 10% on average over 2024-26, i.e. over 200 basis points above the sector).


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