BNP Paribas: Berenberg raises target price

(CercleFinance.com) - On Wednesday Berenberg raised its target price for BNP Paribas shares from 55 euros to 70 euros, maintaining its "hold" rating on the stock.


The company has been in the market for a number of years and is now in the midst of a period of rapid growth, it said.

While stressing that the establishment's development prospects are not as promising as those of the rest of the sector, the broker believes that its "diversified" business model limits the share's downside potential.

Regarding its capital level, this is currently far from excessive Berenberg says, which limits the scenario of major redistributions to shareholders.

While BNP remains its favourite banking stock, analysts believe that its current valuation level - considered to be in line with its historical discount of 10% compared to the rest of the sector - is a good reflection of its earnings growth prospects.


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