Oddo BHF reiterates its 'outperform' rating on BNP Paribas, with a price target adjusted from €81 to €78, to take into account an implicit rise in its cost of capital of 50 basis points to account for political uncertainties in France.

The stock seems to him 'currently particularly attractive in terms of risk/reward, while BNP Paribas will benefit over the next six months from an improvement in its interest income and the redeployment of capital from the sale of BankWest'.

Also highlighting its strong geographic and business line diversification, very cautious risk management and very solid balance sheet, Oddo BHF sees an appreciation potential of around 24% for its stock between now and the end of the year.

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