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KBC: Oddo downgrades buy rating.

(CercleFinance.com) - This Friday Oddo has downgraded its "buy" rating on KBC to "neutral.
" The analyst who monitors the stock has however, nudged up the stock's target price from 69 euros to 70.5 euros.

The Belgian financial services group's third quarter has turned out to be without any real surprises or catalysts, summarises the analyst, who recognises that the group's fundamentals are still strong, but points to the absence of any real trigger for a continuation in the stock's re-rating.

From the analyst's viewpoint, the stock's valuation is currently tight and that the group's operational levers are currently limited (or at least well priced in). In addition, the broker says that there is no noticeable turnaround on key operational levers (interest income, risk provisions) that is already integrated into current estimates.

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