ABN Amro: Oddo cuts target price
(CercleFinance.com) - Yesterday morning ABN Amro announced that it has been informed by the Dutch courts of the opening of a criminal investigation for violation of the AML/CFT Law (fight against money laundering and financing of terrorism).
Following this announcement, Oddo confirms its neutral rating on the share, although has cut its corresponding target price to 19.5 euros (vs. 22 euros previously).
In the end it is therefore the credibility in terms of solvency/dividends, an essential trigger for the share, that is challenged, Oddo says.
Analysts estimate that the fine could reach 1.1 billion euros.
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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.
Following this announcement, Oddo confirms its neutral rating on the share, although has cut its corresponding target price to 19.5 euros (vs. 22 euros previously).
In the end it is therefore the credibility in terms of solvency/dividends, an essential trigger for the share, that is challenged, Oddo says.
Analysts estimate that the fine could reach 1.1 billion euros.
Copyright (c) 2019 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.