Crédit Agricole: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on Crédit Agricole shares, nudging up its target price for them from E13.
3 to E13.6, following the publication of a very good quarterly result, with the bank also raising its 2023 estimates.

The group has benefited from very good underlying operating momentum, the analyst says, adding that the increase in CET1, above the group's target (11.0%), will also give it room to manoeuvre to continue its growth.

Oddo BHF still believes that the very good business mix is poorly valued at the share's current price, which represents 0.82x tangible equity at end-March, while Crédit Agricole is targeting a RoTE 2025 of over 12%.


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