Amundi: Oddo still a buyer, trims target price

(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Amundi, while reducing its corresponding target price from 83 euros to 72 euros, to take into account the decline in financial markets and a very slight increase in the cost of capital.


The broker expects assets under management and net income to fall in Q2, with it reducing its 2022/2023 earnings estimates by around 8/9%.

Analysts say that the stock's current level, which is trading at 8.9x its new 2023 EPS estimate, does not, in their opinion, reflect the group's growth prospects and the strong resilience of its highly diversified business model.

The Amundi share is currently up a fraction in a pretty flat market in Paris.


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