(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ recommendation on Crédit Agricole, with a price target maintained at 13.3 euros, before the publication by the banking group of its results for the first quarter of 2023, on May 10 next.
The design office anticipates a slight drop in revenues, impacted by the transition to IFRS 17, but thinks that the cost of risk should remain under control. Also, he is counting on an increase in net income, to 848 million euros, and provides for a CET1 ratio of 11.1% at the end of March.
“We still believe that the current valuation of the title does not reflect the quality of the group’s business mix and in particular its strong exposure to the insurance and AM (asset management) businesses”, says the analyst .
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