(Boursier.com) — Amundi firmly below 70 euros this Friday (+0.6%), while among the latest adjustments from brokers in the wake of the quarterly accounts of the financial group, note that of Jefferies which raised its target price on the file from 71 to 80 euros by remaining a buyer on the financial group. BNP Paribas Exane maintains its recommendation of ‘outperformance’ with a target adjusted to 75 euros. Barclays is ‘market weighted’ with a target price of 72 euros. For its part, AlphaValue remains a buy, targeting 95.90 euros, while Oddo BHF raised its target to 75 euros with an ‘outperform’ rating.
The group recently announced higher-than-expected quarterly inflows, as strong business in Asia and investor appetite for risk-resistant assets supported growth in the company’s assets under management. The total assets under management in the first quarter thus increased by 16.6 billion euros over the past period, bringing the total to 2,116 billion euros, a new record. Over one year, outstandings increased by 9.4%. Analysts on average expected an increase of €4.6 billion in outstandings. “What characterizes this collection is that it is very diversified,” underlined Valérie Baudson, Managing Director of Amundi.
The asset manager controlled by Agricultural credit also published an increase of 5.9% in its adjusted net profit, to 318 ME, more than the consensus of analysts which stood at 312 ME. The adjusted NI was driven by the growth in management fees (+4% Q1/Q1), combined with cost control. The operating ratio stood at 53.3%.
The development is in line with the priorities of the ‘Ambitions 2025’ plan:
-Third-party distribution: net collection +7 billion euros;
-Passive management: +5 billion in ETF collections;
-Asia: outstanding amounts of €422 billion, +6% over the quarter, very diversified collections between the main countries in the region.
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