BNP Paribas
BNP Paribas SA
BNP Paribas is a Paris-based universal bank whose equity research, branded BNP Paribas Exane after it took full ownership of broker Exane in 2021, is best known for European industry research ranked No. 1 by Extel and a growing U.S. franchise.
Company history
BNP Paribas was formed in 2000 by the merger of Banque Nationale de Paris and Paribas. In 2004 it formed a cash-equities partnership with Paris broker Exane, founded in 1990, moving its equities staff into the joint Exane BNP Paribas brand and taking a stake in Exane's holding company. It bought the remaining 50% of Exane in July 2021, launched the research in the United States in November 2022 and merged Exane SA into the bank in November 2023.
- 1990Exane founded in Paris as Finacor Actions et Dérivés
- 2000BNP and Paribas merge to form BNP Paribas
- 2004Cash-equities partnership with Exane launches the Exane BNP Paribas brand
- 2021BNP Paribas acquires full ownership of Exane
- 2022BNP Paribas Exane research launched in the United States
- 2023Exane SA merged into BNP Paribas
Research
Extel ranked it the No. 1 industry research provider in Developed Europe for the ninth consecutive year in 2025, with 19 teams in the top three. Coverage exceeded 960 stocks globally in February 2024, when the bank set a target of more than 500 U.S. stocks by 2025. Since September 2024, ratings are Outperform, Neutral and Underperform relative to the average total return of the analyst's coverage over 12 months; earlier ratings used MSCI sector indices.
Coverage12M
- Stocks
- 193
- Ratings
- 114
- Price targets
- 164
- Median upside
- +10.2%
- Upgrades
- 12
- Downgrades
- 11
- Initiations
- 0
- Reiterations
- 91
- Targets raised
- 19
- Targets cut
- 26
- Positive39%36
- Neutral40%37
- Negative22%20
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 LULULululemon Athletica Inc. | Underperform | $88 |
 NKENIKE, Inc. | Underperform | $35 |
 PEPPepsiCo, Inc. | Outperform | $183 |
 TAT&T Inc. | Outperform | $30 |
 TOSTToast, Inc. | Neutral | $35 |
 CABOCable One, Inc. | Neutral | $40 |
 CAGConagra Brands, Inc. | Neutral | $16 |
 CMCSAComcast Corporation | Underperform | $27 |
 CVXChevron Corporation | Outperform | $174 |
 EFXEquifax Inc. | Underweight | $245 |
Analysts24M
- Nick JonesTTD · CART · GOOGL6
- Nate CrossettLINE · MPT · OHI5
- Karl AckermanAVGOP · CIEN · MU5
- David O'ConnorADI · ARM · MCHP5
- Andrew DeGasperiADSK · BSY · CDNS5
- Sam McHughCABO · CHTR · CMCSA5
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| NTNetEase, Inc.NTES | Target | $180 | Sep 22 | |
| BIBilibili Inc.BILI | Target | $23 | Sep 22 | |
| AT&T Inc.T | Upgrade | Neutral →Outperform | $28 →$30 | Sep 21 |
| MTVail Resorts, Inc.MTN | Downgrade | Outperform →Neutral | $135 | Sep 21 |
 Reddit, Inc.RDDT | Target | $180 | Sep 18 | |
| HMHonda Motor Co., Ltd.HMC | Target | $34 | Sep 18 | |
| XMXometry, Inc.XMTR | Target | $120 | Sep 18 | |
 Fluence Energy, Inc.FLNC | Reiterate | Underperform | Sep 17 | |
| LKLKNCY | Target | $48 | Sep 15 | |
 AMETEK, Inc.AME | Reiterate | Outperform | Sep 11 |
Similar coverage12M
References
- BNP Paribas receives approvals and completes the acquisition of Exanegroup.bnpparibas
- BNP Paribas Enhances Cash Equities Offering With U.S. Launch of BNP Paribas Exane – Business Wirebusinesswire.com
- BNP Paribas Exane Grows Global Team with Five Senior US Analyst Appointmentsusa.bnpparibas
- BNP Paribas Exane maintains leadership in 2025 Extel Surveyglobalmarkets.cib.bnpparibas
- BNP Paribas SA 2023 annual accounts (Exane merger)invest.bnpparibas
- Exane – Wikipedia (German)de.wikipedia.org