Deutsche Bank announced on Tuesday that it had raised its target price for Amundi from €74 to €78, believing that an even "more promising" future was ahead for Europe's leading asset manager.
In a research note published this morning, the German bank believes that the "Invest for the Future" strategic plan unveiled by the French group reinforces its already solid fundamentals (resilient margins, volume growth, cost efficiency, strong track record in mergers and acquisitions, diversification of revenue sources), which, in its view, improves visibility and confidence in the achievement of medium-term objectives by 2028.
These strengths, combined with the planned IPO of its SBIFM joint venture in asset management in India, which will create value and enhance a key asset, and the partnership with ICG, which provides a new source of high-quality revenue and strengthens its capabilities in private assets, further consolidate the institution's positive opinion of the stock.
Deutsche Bank, which maintains its buy recommendation on the stock, is raising its earnings per share (EPS) estimates for the group by 7% to 8% for 2027 and 2028.
Amundi features among the world's leading asset management firms. The group performs active management of shares, bonds and yields. It also conducts passive management of indexed funds as well as management of non-liquid assets (property assets and private debts).
At the end of 2024, Amundi had more than EUR 2,240 billion outstandings under management, spread mainly over the following customer types: institutional customers and employee savings schemes (32.7%), partner networks and third-party distributors (31.5%), and insurers (19.1%).
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