BNP Paribas: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on BNP Paribas shares, while raising its target price for them from E79 to E82, taking into account the shift in its TP to 2025, following last week's publication of quarterly net income that was close to expectations.


BNP Paribas will benefit from a favourable comparison basis in Q4: we expect net income to rise over the next few years, supported by growth in revenues (including net interest income), the analyst believes.

Oddo BHF also believes that the group will continue to benefit gradually from the redeployment of capital following the sale of BankWest, and that it 'remains lowly valued', at 0.69x tangible equity for a RoTE target of 11.5%-12% next year.


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