BNP Paribas (BNP) stock price is extending the upside momentum after beating fourth-quarter estimates. The bank’s strategy of expanding its foot-prints in European markets is among the biggest contributor to revenue growth in analysts’ view. The market pundits are also showing confidence in its operational efficiencies and cost cuttings.
“The beat on capital and earnings is positive, especially as this was not only driven by the investment bank. The focus on positive jaws in the operating divisions and an expected targeted decline in reported costs at the group level are encouraging,” said RBC analyst Anke Reingen.
Analysts Are Positive About BNP Paribas Stock
The majority of rating firms raised the BNP Paribas stock price target following double-digit revenue growth in the latest quarter. BNP share price is currently trading around €53, up from the 52-weeks low of €38 that it had hit during the final quarter last year. The shares are still down substantially from the highest level of €68 that it had notched two years ago.
UBS Group set a price target of €56.00 for BNP Paribas stock price. The firm suggests investors buy BNP share price despite the recent rally. JPMorgan Chase & Co provided a €55.00 price target with a neutral rating. Deutsche Bank looks more optimistic about future fundamentals. The firm sets a €63.00 price target for BNP Paribas stock with a buy rating.
Fourth Quarter Beat and a Double-Digit Growth is Enhancing Confidence
BNP share price started rebounding over the past couple of months on the back substantial improvement in revenue and earnings growth. The 12 per cent year over year revenue growth in the fourth quarter added to investors and analysts sentiments. Its earnings grew 28 per cent to €1.85bn from the past year period.
Lars Machenil, the chief financial officer of BNP Paribas, “The corporate and institutional unit registered the highest growth, up by more than 30% on the year. The bank now intends to pay a 3.10 euros per share dividend in cash.”
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