Amundi: Oddo BHF maintains buy rating

(CercleFinance.com) - This morning, an analyst at Oddo BHF confirmed his "buy" recommendation on Amundi shares, considering that the renegotiation of its agreement with SG has a limited impact, but that it is a sign of a greater opening up to competition.


Q2 2020 results were very close to expectations and do not provide any signals of inflection compared to expectations. Therefore the broker is not changing its 2021 earnings estimates. However, this stability covers a slight increase in its revenue expectations (Net new money + valuation) and cost expectations (business). Its forecasts are in line with the pre-Q2 2020 consensus for both 2020 and 2021, although are 4% higher for 2022, Oddo adds.

Oddo BHF confirms its target price of 72 euros for the share, meaning upside potential of 11%.



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