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BNP Paribas: Oddo still a buyer before results

( - BNP Paribas will publish its net income for the Q4 2022 on 7 February.

Before this publication, Oddo reiterates its Outperform rating on the stock, with a target price of 74 euros.

Oddo expects revenues of 12,049 million euros (+7.3%), just below the consensus (E12,103m).

Analysts expect (as does the consensus), sustained revenue growth: 1/ in commercial banking (+8.1%), driven by a good commercial momentum reinforced by favourable currency effects, 2/ in specialist businesses (+9.1%) and 3/ in CIB (+7.8%) with strong expected growth in revenues from market activities (particularly trading).

Analysts expect costs to rise by 1.6% (vs. 3.5% for consensus), with a very positive jaws effect between revenue and cost growth, implying a sharp rise in gross operating income to 3,989 million euros (+20.8%), 2.4% above the consensus (E3,893m), they add.

The analyst targets net income of 2,185 million euros in Q4 2022 (-5.2% compared to Q4 2021), slightly below the consensus (E2,215m, -3.9%e).

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