BIC: Play the gradual US recovery
Following the company's margin guidance upgrade and conference call, we increase our FY24-26 estimates by 4% on average and lift our PT to EUR73 vs. EUR68 previously. Normalising trends in North America and encouraging trends in Human Expression ahead of back-to-school in key markets such as Brazil
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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