RBC Updates Price Target, Estimates for Amundi Ahead of Q2 Earnings

06:59 AM EDT, 07/16/2026 (MT Newswires) -- RBC Capital Markets adjusted its price target and earnings projections for Amundi (AMUN.PA) ahead of the French asset manager's second-quarter results due on July 30. "Our forecast changes primarily reflect [mark-to-market] for 2Q movements, which drives estimates up in FY26, but is largely offset in FY27/28 as we remove [UniCredit (UCG.MI) assets under management] from our estimates after 2H27. Our [price target] rises to EUR78 [from EUR72], and we maintain our Sector Perform rating," the research firm said Wednesday. Against this backdrop, analysts boosted their full-year 2026 adjusted net revenue and adjusted pretax profit forecasts by 4% and 9%, respectively, on "stronger" assets under management. RBC also raised its 2026 performance fee expectations and anticipates an increase in UniCredit outflows, while trimming its adjusted operating expenses closer to the Visible Alpha consensus. As a result, the research firm's EPS projections for 2026 and 2027 were revised upward by 6% and 2%, while its 2028 estimate remains "broadly flat." "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 EPS growth slightly below closest peer, [DWS Group (DWS.F)] (8% vs 9%), and uncertainty around the UCG distribution agreement creates a near-term overhang, in our view," the note said.