Oddo BHF maintains its 'outperform' rating on Crédit Agricole, with a price target raised from 15 to 16 euros, to take account of the favorable growth momentum, particularly in the savings businesses (insurance, Amundi, private banking).

The research house points out that on Friday, the banking group unveiled record net earnings, well ahead of expectations, for the first quarter, driven by higher revenues and cost control.

Crédit Agricole will continue to benefit from its excellent business mix, with attractive long-term growth potential, while the share is trading at 0.91 times tangible equity at the end of March, for a RoTE target of over 12% in 2025', the analyst believes.

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