Since our BUY recommendation on January 9th, 2025 (Rapport Secteur Bancaire-Janvier 2025), Banque Centrale Populaire stock price have increased by +4% getting close to our target price of MAD 325. After the release of the FY 2024 and Q1-25 results, we maintain our 2025E forecasts unchanged. Additionally, we remain confident in the Group's ability to maintain an upward trajectory in its operational and financial results in the coming years.
