BNP Paribas stock, CAC 40's worst performer, declines 20% over the quarter
The bank is losing ground in midday trading while the Paris index rises sharply. The stock remains below its moving averages after several weeks of decline, while two research firms have just raised their targets.
A decline running counter to a sharply rising CAC 40
BNP Paribas stock loses 0.89% to €86.42, while the CAC 40 gains 0.89% at the same time. The bank thus ranks third among the steepest declines in the index, ahead of Stellantis and Pernod Ricard.
The decline weighs on an already heavy quarter: the stock loses 20.1% over three months and 12.1% over one month, although it remains up 29.5% over one year.
Société Générale (-12.9% over one month) and Crédit Agricole (-14.6%) followed a similar trajectory. This decline comes after the board of directors' examination of third-quarter results, for which the consensus expected earnings per share of €2.88, compared to €2.62 a year earlier.
A stock below its three moving averages, despite raised targets
In terms of technical charts, the price is below its 20-day MA (€88.51, gap of 2.4%), its 200-day MA (€95.26) and its 50-day MA (€96.55), the latter being more than 10% above.
The RSI at 37 remains close to the oversold zone, and the nearest support is found at €82.57.
On the analyst side, Jefferies raised its target from €135 to €139 on October 28 and CIC Market Solutions maintained its target at €122, both with a buy rating.
According to the consensus of analysts tracked, the stock is trading at approximately 7.5 times current fiscal year earnings. The level of €82.57 is the next technical reference point for the stock.
