(CercleFinance.com) – Royal Bank of Canada raised its price target on Amundi shares on Tuesday, raising it from 60 to 62 euros in the wake of the asset managers’ third quarter results.
The financial intermediary – which maintains its ‘outperformance’ opinion – explains that the publication led it to revise its earnings outlook for the group by 4% upwards for the period 2022-2024.
In its note, RBC points out, however, that the share price of the leading European asset manager has fallen by 34% this year and is now at a discount of around 35% compared to its historical average.
A situation that the professional considers to be in contradiction with the fundamentals of the group, which successfully completed the acquisition of Lyxor at the end of 2021 and which, according to him, has a more flexible cost structure than its rivals, which should favor it in the event of a prolonged downturn in activity.
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