BNPQF - BNP Paribas: Buy After Q4 Results
BNP Paribas (OTCQX:BNPQF) (OTCPK:BNPZY) (OTCQX:BNPQY) has declined by 6% since we published an article on the stock in May 2017.
Source: Bloomberg
We had been fans of the stock since July 2016, but turned cautious in May 2017. Despite strong 1Q17 results and the fact that BNPP’s CIB unit gained market share in both FICC and Equities, we were cautious on BNPP at the time. First, we argued that BNPP's valuation discount to its peers had significantly narrowed as BNPP had a stellar run. Second, in a surprise move,