Amundi: Credit Suisse cuts target price
(CercleFinance.com) - While maintaining its "neutral" rating on Amundi shares, Credit Suisse has reduced its target price to 52 euros (from 54 euros), after cutting its 2022-24 EPS estimates by 3.
7%-4.5% for the asset management group.
The broker says that it has updated its forecasts to reflect the impact of returns and fund flows observed at the end of June 2022 on assets under management and management fee income.
"We... also anticipated lower performance fee generation due to difficult market conditions," Credit Suisse also warns in its summary.
The stock isn't doing too badly today - currently up over 3%, significantly outpacing the market.
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