BNP Paribas shares approach their €97.40 resistance level and post an 11% gain over one week
The bank extends its midday rebound, in a CAC 40 that is also posting a clear gain. After a difficult quarter, the stock moves back above its main moving averages, following a target price adjustment by an analyst firm.
The stock moves back above its three moving averages and approaches the €97.40 resistance level
BNP Paribas shares rise 2.93% to €96.73, ranking fourth among the gainers of the CAC 40, which gains 1.07% during the session.
The stock now trades above its three moving averages: the gap is 9.35% with the MM20 and 1.33% with the MM200 (€95.46), which the price has just regained.
The rebound is also visible over a longer period, with a gain of 11.13% over one week, while the quarterly performance remains negative at -13.97%.
The price is less than 1% below the €97.40 resistance level, a level that the RSI at 65 allows it to approach without an overbought signal. Among comparable stocks, Société Générale gains 3.26% and Crédit Agricole 2.03% this Tuesday.
UBS lowers its target price to €111 while maintaining its buy rating
On November 9, UBS lowered its price target from €119 to €111, while maintaining its buy rating. This target implies an upside potential of around 14.8% relative to the price of the day.
The session takes place in a French market where the sovereign risk premium remains high: the OAT-Bund spread is about 1.53 points, with the 10-year OAT at 4.79% as of November 9.
The bank also announced on October 28 a share buyback programme of €1.3 billion, executed at about 19% as of November 6.
