In the context of a broader rebound for banks this Monday, BNP Paribas is up by more than 2%, as KBW (Keefe, Bruyette & Woods) raises its price target on the stock from 98 € to 104 €, while maintaining its market perform rating.

"Looking ahead, although litigation risks remain, the continued growth of the bank's funds and its plan to boost returns to 13% by 2028 should provide short-term support for the stock," the broker notes.

According to KBW, the strategic update scheduled for early 2027 could become a catalyst later in the year, with management ultimately targeting a cost/income ratio of 50% and seeking to bring returns closer to 15%.

"Relative valuation remains attractive at a 2028 P/E of 6.5 times, and BNP Paribas is currently our top pick in France," adds the broker, who states it is raising its estimates for the group for 2027 and 2028 by 3% and 5%, respectively.