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Credit Agricole: UBS still a buyer, trims target price

(CercleFinance.com) - UBS reinstates its "buy" rating on Crédit Agricole shares, despite reducing its target price for them from 13.
4 euros to 12.4 euros, with its new target price still giving upside potential of 21% for the French bank's share.

The broker points to an "Increased Russia related provisions drive 2022 earnings cut", and believes that "The CET1 decline in Q1 22 to 11% also left CASA in somewhat less comfortable".

"Although CASA's Q1 22 revenues were strong across most divisions, growth in underlying operating expenses still outpaced y/y revenue growth," UBS also adds.


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