While maintaining its 'weighted in line' recommendation on Amundi, Barclays slightly raises its target price from 70 to 72 euros, increasing its guidance by around 5% for 2024, but less so for future EPS.

Amundi's first-quarter results were stronger than expected in terms of assets under management, cash flow and net income," the broker points out after last week's publication.

Barclays also notes that the asset management group's earnings growth resulting from this outperformance is further enhanced by the completion of the Alpha acquisition a quarter ahead of schedule, on April 2.

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