02:35 AM EDT, 05/01/2026 (MT Newswires) -- RBC Capital Markets adjusted its model for BNP Paribas (BNP.PA), making "relatively little"tweaks to earnings forecasts after the French banking group's "mixed"first-quarter results.

"Q1 results came with positive/negative updates but showed underlying progress on the longer term direction of efficiency improvements and a stronger CET 1 ratio. Our [price target] remains unchanged at EUR99,"the research firm said Thursday. The stock is rated at outperform.

Analysts noted that BNP Paribas'Euro retail operations were bolstered by favorable net interest income and fee trends during the quarter, while performance in the Arval &Leasing and global markets divisions lagged. While BNP's post-2026 payout floor is set at 60%, RBC flagged that the full-year 2026 outlook remains unconfirmed, suggesting the bank is maintaining a capital cushion to guard against pending litigation risks.

Against this backdrop, the research firm expects the lender to proceed with share buybacks in the second half as originally planned within its ordinary distribution framework. Citing diverging trends across different divisions, RBC adjusted its EPS projections, nudging the 2026 estimate up by 0.3% while lowering the 2027 and 2028 outlooks by 1.7% and 0.7%, respectively.