(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion on Intesa Sanpaolo, with a price target raised from three to 3.4 euros, in the wake of net profit estimates raised by 12% on average over 2023- 25 after publication for the first quarter of 2023.
He considers this to be ‘reassuring on the main operational key points (momentum of the top line, cost control and reassuring evolution of the quality of underlying assets/moderate level of CoR), capital/return to the shareholder, liquidity and Russian exposure’.
“Our approach remains clearly positive given the superior quality of the fundamentals, an attractive valuation and the return to the shareholder”, continues the analyst who sees an upside potential of around 45% on the title, against 30 % for the sector.
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