Intesa Sanpaolo: Oddo raises target price

(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on Intesa Sanpaolo shares, supported by the group's quarterly publication, having nudged up its target price for them from 2.
75 euros to 2.90 euros, which suggests upside potential of around 25% (compared with +7% for the sector).

The bank's sound operating performance and improved forecasts have prompted the broker to raise its net income estimates for 2021/2023 by an average of 6% (notably due to reduced risk provisions).

Trading at 0.7x 2020 BV for an expected RoE of around 8% at 24M and a "best-in-class" profile in terms of shareholder return, analysts believe that the share's valuation remains attractive in sector players they follow.

The share is up about 1.5% this Friday afternoon.


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