Intesa Sanpaolo: Oddo BHF still a buyer after results
(CercleFinance.com) - Oddo BHF reiterates its "buy" rating on Intesa Sanpaolo, nudging up its target price for the share from 3.
60 euros to 3.65 euros, the day after the Italian bank published results that exceeded expectations, in addition to a new strategic plan that was deemed convincing.
"We expect the stock's re-rating to continue, against a backdrop of upgrades in the consensus which in our opinion at this stage underestimate the potential for improvements in earnings," sais the analyst who monitors the stock.
The broker hence considers that the stock's valuation remains attractive, with the stock trading at 0.9x its BV for RoE that is expected to be around 9% in 2019, also considering the quality of its fundamentals and visibility on the group's strategy.
Copyright (c) 2018 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.
60 euros to 3.65 euros, the day after the Italian bank published results that exceeded expectations, in addition to a new strategic plan that was deemed convincing.
"We expect the stock's re-rating to continue, against a backdrop of upgrades in the consensus which in our opinion at this stage underestimate the potential for improvements in earnings," sais the analyst who monitors the stock.
The broker hence considers that the stock's valuation remains attractive, with the stock trading at 0.9x its BV for RoE that is expected to be around 9% in 2019, also considering the quality of its fundamentals and visibility on the group's strategy.
Copyright (c) 2018 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.