BNP Paribas shares hit historic record at €112.38
BNP Paribas reached an absolute intraday peak on Tuesday at €112.38, extending a series of records that have marked the share's rally since spring. The Paris-based bank has pulled back slightly from this peak, in a CAC 40 that is nearly stable during the session.
Historic record at €112.38 posted during the session, before a slight decline
The BNP Paribas share touched €112.38 during trading on Tuesday, breaking its previous all-time record of €112.32. The share is now down 0.54% at €111.18, after retreating from this absolute high. This movement is part of a particularly strong uptrend: the share is up nearly 8.5% over one month and more than 24.5% over three months. Over one year, the gain exceeds 45%.
The CAC 40, for its part, is down marginally by 0.07% during the session, while comparable banking stocks are declining slightly: Société Générale is down 0.99% and Crédit Agricole is down 0.59%. BNP Paribas is therefore performing better than its direct peers, even as it pulls back from its intraday high. In terms of indicators, the RSI at 71 signals an overbought configuration, consistent with the recent string of records. The share nevertheless remains well anchored above its 20-day moving average at €104.42 (a 6.47% premium) and its 50-day moving average at €100.33 (a 10.81% premium).
Keefe Bruyette & Woods raises its target to €119, representing 7% upside potential from today's record
American bank Keefe Bruyette & Woods has raised its price target on BNP Paribas to €119 from €114 previously, with an outperform rating, according to a revision dated August 3. Compared to the record posted this morning at €112.38, the new target suggests an upside potential of approximately 5.9%. Compared to the current price of €111.18, the upside potential rises to nearly 7%.
This revision comes in a rate environment favorable to retail banking: the 3-month Euribor stands at 2.425% (up 0.40 points year-on-year), while the average effective rate on fixed-rate mortgage loans exceeding 20 years is at 3.97%. Moreover, the acquisition of Athlon by Arval, the group's long-term rental subsidiary, finalized on July 31, brings the combined fleet to 2.3 million vehicles and illustrates the strategy for expansion of non-banking activities. Technical support at €111.78 (yesterday's closing price) remains the immediate threshold to watch to confirm a recovery following this intraday pullback.
