'Not enough upside left': Kepler Cheuvreux cuts Amundi to hold

Amundi SA

06/05/2026 11:39

** Kepler Cheuvreux downgrades French asset manager Amundi AMUN.PA to "hold" from "buy", seeing limited upside after a roughly 19% rally has lifted the stock to record high

** "Simply not enough upside left," it says, even as it slightly lifts its price target to 88.5 euros

** The broker praises the firm's "agility" in redeploying excess capital but cautions it must manage a likely full exit from its partnership with Italian bank UniCredit CRDI.MI

** It adds Amundi faces margin pressure in its retail division and dilution from a planned IPO of its Indian joint venture that will reduce its stake

** Among the 14 analysts covering Amundi, seven rate the stock "strong buy" or "buy" and ​seven rate "hold" - LSEG data

 (Reporting by Clement Martinot)

 ((Clement.Martinot@thomsonreuters.com;))