Exane BNP Paribas

Company history

Former employees of an English stockbroker founded the firm in Paris in 1990 as Finacor Actions et Dérivés, renaming it Exane in 1992. In 2004 BNP Paribas acquired 50% of its holding company, Verner Investissements, and the partners' cash-equities business traded as Exane BNP Paribas. BNP Paribas took full ownership in July 2021, launched BNP Paribas Exane research in the United States in November 2022 and merged Exane SA into BNP Paribas SA in November 2023.

1. 1990Founded in Paris as Finacor Actions et Dérivés
2. 1992Renamed Exane
3. 2004BNP Paribas acquired 50% in strategic partnership
4. 2021BNP Paribas acquired 100% of Exane
5. 2022Launched BNP Paribas Exane equity research in the United States
6. 2023Exane SA merged into BNP Paribas SA

Research

BNP Paribas Exane's research models cover more than 1,000 stocks globally, including over 300 U.S. stocks in technology, media and telecom, consumer, healthcare and industrials, as of 2025. In Extel's 2025 Developed Europe survey it ranked first for industry research for a ninth consecutive year and third overall, with 19 teams in the top three. Stocks are rated Outperform, Neutral or Underperform relative to their MSCI sector index over 12 months.

Coverage12M

Stocks

101

Ratings

102

Price targets

0

Upgrades

32

Downgrades

32

Initiations

29

Reiterations

9

Activity24M

Most covered24M

Stock	Rating	Target	Actions	Last action
TOSTToast, Inc.	Neutral	—	3	Sep 2
BCSBarclays PLC	Neutral	—	2	Apr 14
EFXEquifax Inc.	Outperform	—	2	Sep 8
HSBCHSBC Holdings plc	Neutral	—	2	Apr 14
ADNTAdient plc	Outperform	—	1	Jul 30
AEGAegon Ltd.	Outperform	—	1	May 7
ALCAlcon Inc.	Neutral	—	1	Aug 13
AMRCAmeresco, Inc.	Outperform	—	1	Aug 4
ANANIOY	Underperform	—	1	Jul 8
APAPEMY	Underperform	—	1	Jul 8

Recent actions

Stock	Rating action	Rating	Date
NTNetEase, Inc.NTES	Initiate	Outperform	Sep 22
BIBilibili Inc.BILI	Initiate	Outperform	Sep 22
NTNTDOY	Initiate	Neutral	Sep 22
AT&T Inc.T	Upgrade	Neutral →Outperform	Sep 21
MTVail Resorts, Inc.MTN	Downgrade	Outperform →Neutral	Sep 21
IMIMIAY	Downgrade	Neutral	Sep 21
Reddit, Inc.RDDT	Initiate	Neutral	Sep 18
HMHonda Motor Co., Ltd.HMC	Initiate	Neutral	Sep 18
XMXometry, Inc.XMTR	Initiate	Outperform	Sep 18
DADASTY	Downgrade	Underperform	Sep 16
OVOVHFF	Upgrade	Outperform	Sep 16
LKLKNCY	Upgrade	Outperform	Sep 15

Similar coverage12M

• BNP Paribas48 shared
• Deutsche Bank42 shared
• Bernstein22 shared
• Bank of America Securities35 shared
• Argus Research12 shared
• Seaport Global Securities10 shared

References

1. Exane – Wikipedia (German)de.wikipedia.org
2. BNP Paribas Exane maintains leadership in 2025 Extel surveyglobalmarkets.cib.bnpparibas
3. BNP Paribas Exane research on the Bloomberg Terminal (PR Newswire, 2025)prnewswire.com
4. BNP Paribas Appoints Five Senior Equity Research Analysts (Business Wire, 2025)businesswire.com
5. Integration of the Exane group into BNP Paribas – BNP Paribaseqdpo.bnpparibas.com
6. BNP Paribas main spokespeople – mediaroomgroup.bnpparibas