(CercleFinance.com) – Deutsche Bank raised its recommendation on Amundi on Monday, which it now advises for purchase and which it makes its preferred stock among the major diversified financial services groups in Europe.
In his study, the analyst highlights the solid fundamentals enjoyed by the French asset manager, particularly in terms of volume growth and cost control.
Beyond these factors, Amundi also has a flattering history in terms of external growth, he recalls in his note.
Deutsche Bank also welcomes the efforts made by the group to diversify its sources of income, in particular through the launch of Amundi Technology.
The intermediary thus indicates that it expects a rise in revenue from its joint ventures, and in particular a growing impact of the synergies linked to the merger with Lyxor.
Finally, the professional highlights an “attractive” valuation despite the strong progression of the title since the beginning of the year, an element which, according to him, is accompanied by an equally “attractive” dividend yield.
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