RBC Tweaks Price Target, Estimates for Amundi Post-Q2 Results

12:41 AM EDT, 09/08/2026 (MT Newswires) -- RBC Capital Markets updated its model for Amundi (AMUN.PA), adjusting its price target and earnings forecasts after the French asset manager's second-quarter results. "We now assume a broadly neutral market return in 3Q26, based on observed movements so far in the quarter. On flows, we raise estimates in all years following the strong 2Q print, though note we forecast a step down in 3Q, as we assume cEUR30bn of outflows from the [Employees' Provident Fund Organisation] assets (which carry a very low margin) exiting. Our cost assumptions increase by c1% across our forecast period," according to a Monday note. For the six months ended June 30, Amundi said it posted its highest first-half net inflows at 56.4 billion euros. Meanwhile, the company's adjusted net revenue for the second quarter grew 18% year over year to 933 million euros, marking its strongest quarterly performance to date. Against this backdrop, the research firm raised its EPS forecast for full-year 2026 by 6%, while lifting its EPS estimates for 2027 and 2028 by 1%. As such, the stock's price target was increased to 85 euros from 78 euros. "AMUN's globally diversified proposition makes it well placed for further organic growth, with a leading European position in ETFs, and a meaningful presence in Asia and the US. However, we expect both organic [assets under management] and EPS growth to be slightly below closest peer [DWS Group (DWS.F)] across our forecast period. We see the shares as fairly valued, trading on 12.2x FY26E (c20% above the 5-year average), and consequently rate AMUN at Sector Perform," analysts wrote.