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Crédit Agricole: Oddo still a buyer after a 'solid' Q2

( - On Monday morning, an Oddo BHF analyst confirms his "Buy" recommendation on the Crédit Agricole share, noting a solid Q2 as a whole.

However, the broker is shaving a fraction off its target price from 10.5 euros to 10.3 euros - even so, its new target price still suggests upside potential of +22%.

The broker says that it is adjusting its expectations for 2020/2022e (-4% on average) in order to monitor changes in risk provisions. The stock is trading at ~0.4x its TBV 19 (similar to the sector), although on an expected 2021e RoE of about 6%, i.e. nearly 1 pp higher than what is expected for the sector, with in fine, a moderate premium given the quality of its fundamentals, it adds.

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