Amundi shares gained further ground on Monday afternoon on the Paris Bourse, as a study by analysts at Bank of America confirmed investors' recent renewed interest in the stock.

At 3:45 pm, the stock was up 2.5%, ranking at the top of the SBF 120 index's biggest gainers, having already rallied more than 38% over the past three months.

In a note released in the morning, BofA's teams were "cautiously optimistic" about European asset managers, including Amundi, going into the 2023 financial year.

The research firm says it expects subscription flows to pick up after the sector's worst year in terms of outflows since the 2008 financial crisis.

With this in mind, BofA says it favors Amundi as its preferred stock within the sub-segment of managers specializing in bonds.

Bank of America, which has a buy recommendation and a target of 65 euros on the stock, also points to Amundi's low exposure to the euro zone, due to its positioning in regions such as India and China.

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