Goldman Sachs upgraded BNP Paribas to Buy from Neutral with a price target of EUR 82.60, up from EUR 74.70. The stock has underperformed since the start of 2022, reflecting the bank’s relatively lower sensitivity to higher rates vs Eurozone peers, but the firm sees the company’s operating backdrop on both absolute and relative to peers basis during 2024-2025 set to improve via a combination of expected rate cuts from the ECB and a gradual recovery in Capital Markets activity level, the analyst tells investors in a research note.
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