Amundi: Oddo maintains rating and TP
(CercleFinance.com) - Amundi announced that its assets under management amounted to 2,021 billion euros at end-March (-2.
1% compared to the end of 2021), in line with Oddo's forecast (E2,019bn), although above the consensus (E1,996bn).
Net inflows were 3.2 billion euros in Q1 2022, well below the broker's forecast (E9.0bn), but above the consensus (- E1.9bn), the analyst said.
In addition, the group benefited from performance fees in Q1 2022, which remain high at 71 million euros (compared to 111 million euros in Q1 2021), which was higher than expected. The level of performance fees should logically fall sharply in Q2, due to the evolution of financial markets, Oddo adds.
The analyst also notes that Amundi reported net income of 302 million euros (+1.9% as reported), ahead of the (consensus of E281m, and his forecast of E262m).
Oddo confirms its Outperform recommendation on the stock with a target price of 83 euros.
However, it doesn't seem to be the stock's day today - it is currently down over 6%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
1% compared to the end of 2021), in line with Oddo's forecast (E2,019bn), although above the consensus (E1,996bn).
Net inflows were 3.2 billion euros in Q1 2022, well below the broker's forecast (E9.0bn), but above the consensus (- E1.9bn), the analyst said.
In addition, the group benefited from performance fees in Q1 2022, which remain high at 71 million euros (compared to 111 million euros in Q1 2021), which was higher than expected. The level of performance fees should logically fall sharply in Q2, due to the evolution of financial markets, Oddo adds.
The analyst also notes that Amundi reported net income of 302 million euros (+1.9% as reported), ahead of the (consensus of E281m, and his forecast of E262m).
Oddo confirms its Outperform recommendation on the stock with a target price of 83 euros.
However, it doesn't seem to be the stock's day today - it is currently down over 6%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.