Oddo BHF has reiterated its 'outperform' rating and EUR77 price target on Amundi, following the asset manager's presentation of its new three-year strategic plan and the announcement of a long-term strategic partnership with ICG.

The research firm highlights that Amundi is targeting cumulative net inflows of over EUR300 billion by 2028 (excluding the exceptional EPFO outflow in India) across its strategic segments, as well as an adjusted EPS of more than EUR7 in 2028 under all scenarios.

"The stock is trading at very low multiples. Moreover, the planned IPO in 2026 of the joint venture in India will highlight the group's low valuation, despite its various organic growth drivers," the analyst also notes.