(CercleFinance.com) – Crédit Agricole gained nearly 3% in Paris, driven by an analysis by Oddo which maintained its ‘outperformance’ rating on the stock, with a price target raised from 12.8 to 13.2 euros.
The analysis office highlights the sharp increase in the group’s income, +8.8% as published, to 6330 ME, a figure well above expectations (the consensus was counting on 5730 ME, Oddo on 5642 ME).
‘All of the group’s businesses recorded growth in their revenues in H1, even in asset gathering despite an unfavorable market impact’, notes the analyst.
Following this publication, Oddo indicates that it is significantly raising its 2022 EPS forecast (+19.9%) and more moderately its 2023 EPS forecast (-1.7%), with in particular a slight upward revision of revenue forecasts for 2023/24 .
“We still believe that the current share price does not reflect the group’s growth prospects and its very good business mix,” he concludes.
Copyright © 2022 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
