Amundi: correctly priced, Credit Suisse says

(CercleFinance.com) - This morning Credit Suisse has begun monitoring the share of French asset manager Amundi, adopting a "neutral" rating to begin with.
Note that the broker's target price of 63.2 euros is roughly equivalent to the share's current price.

Admittedly, the Amundi share may seem cheap compared to peers, although Credit Suisse believes that this valuation reflects justified expectations of pressure on management fees. At issue, in particular are lower fees levied on fixed income products.

Credit Suisse is also cautious because of the possible renegotiation of Amundi's distribution agreements with Société Générale (which will end at the end of 2020) and also cites "increasingly competitive pressures in Europe".


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