BNP Paribas Could Close Valuation Gap With Peers Through Changes -- Market Talk

Dow Jones09-30

0924 GMT - Owning BNP Paribas stock is a defensive move as the only obvious periods of outperformance have come either directly after a crisis or in a less drastic form ahead of interest rate cuts, Keefe, Bruyette & Woods say in a research note. In absolute terms, the French lender's diverse and defensive balance sheet and strong all-in yield offer a lot to like, analysts Thomas Hallett and Andrew Stimpson write. However, in relative terms, the stock has failed to outperform peers since 2017. They note that several catalysts--improving disclosures around net interest income, reducing group leverage and exposure to global markets--could make the investment case more constructive. Shares are down 1.1% since the start of the year, against a 21.5% gain for the Stoxx Europe 600 Banks index. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

September 30, 2024 05:24 ET (09:24 GMT)

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