BNP Paribas: UBS maintains 'buy' rating, cuts target

(CercleFinance.com) - UBS reiterates its "buy" rating on BNP Paribas, while trimming its target price for the share from 62 euros to 60 euros, a new target that suggests upside potential of 30% for the banking group's share.


The broker said “Weak performance in CIB and domestic retail banking revenues led us to cut EPS by 1-5%.”

Nevertheless, it points out that, having fallen by 26% since the beginning of the year, the BNP Paribas share is trading at a 2019e P/E of 7x, which is an attractive valuation that justifies maintaining a "buy" rating.



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