BNP Paribas: RBC raises its price target

(CercleFinance.com) - RBC announced Wednesday that it has raised its price target for BNP Paribas shares from 87 to 90 euros, welcoming the French bank's "encouraging" end to the year.


The Canadian broker - which has an "outperform" rating on the stock - points out that the financial group's activity in Q4 proved stronger than expected, particularly in investment banking and retail banking.

RBC - which points out that BNP's share price is historically correlated to the evolution of market earnings forecasts - believes that this favorable momentum towards the end of 2024 reinforces its confidence for fiscal 2025.

From the broker's point of view, the stock - which is trading at just 0.7 times its tangible net assets (TBV) - is trading at attractive levels that do not yet incorporate targets in terms of return on tangible equity (ROTE), although the professional says he expects further progress before considering a real revaluation of the share.

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