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AXA: Oddo revises forecasts for 2020 and 2021

(CercleFinance.com) - The broker has reduced its FY 2020 EPS estimate by 18.
8%, now expecting OP to fall 22% this year to 5.0 billion euros, with underlying earnings down 23.0% at 5.3 billion euros.

However, it is marginally raising its earnings estimates for 2021/2022 to take into account increased premiums in commercial property and casualty insurance and reinsurance.

It expects OP to increase by 38% in 2021, followed by 6% in 2022, with respective increases in adjusted earnings of 33% and 9% in 2021 and 2022.

Oddo réitère sa recommandation à l'Achat sur le titre avec un objectif de cours de 24 E.

Oddo reiterates its Buy recommendation on the stock with a target price of 24 euros (27.5% upside potential).



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