Exane BNP Paribas
BNP Paribas Exane is the equity research and cash equities business of French bank BNP Paribas, built on the Paris broker Exane. It ranked first for industry research in Extel's Developed Europe survey for nine consecutive years through 2025.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 10112M
- Actions
- 10212M
- Ratings / Price targets
- 102 / 0
- Upgrades / Downgrades
- 32 / 32
- Initiations
- 29
- Buy-rated
- 44%of 101 rated
- On record
- Jan 2013 – Sep 2026
Overview
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 third overall, with 19 teams in the top three. Exane's 2003 annual report said its independence rested on managers and key staff holding 60% of the voting rights in its holding company and on an agreement with BNP Paribas that left it free to run the business.
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.
Milestones
- 1990
Founded in Paris as Finacor Actions et Dérivés
- 1992
Renamed Exane
- 2004
BNP Paribas acquired 50% in strategic partnership
- 2021
BNP Paribas acquired 100% of Exane
- 2022
Launched BNP Paribas Exane equity research in the United States
- 2023
Exane SA merged into BNP Paribas SA
Firm facts
- Type
- Full-service
- Founded
- 1990
- Headquarters
- Paris, France
- Parent
- BNP Paribas
- Listing
- Euronext Paris: BNP
- Head of Global Equities, BNP Paribas CIB
- Nicolas Marque
- Director of Equity Research, Americas
- Michael Rietbrock
- Rating scale
- OutperformNeutralUnderperform12 months
- Also filed as
- BNP Paribas Exane
- Website
- globalmarkets.cib.bnpparibas
Research philosophy
Independent management and research have always been – and must remain – a cornerstone of Exane’s identity.
In 2019 its website named excellence, independence and commitment as core values, calling independence key to impartial research. In 2023 its head of EMEA research, Theepan Jothilingam, described a focus on long-term, bottom-up fundamentals.
Rating methodology
Stocks are rated Outperform, Neutral or Underperform relative to their MSCI sector index over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Toast, Inc.TOST | Neutral | — |
 Barclays PLCBCS | Neutral | — |
 Equifax Inc.EFX | Outperform | — |
 HSBC Holdings plcHSBC | Neutral | — |
 Adient plcADNT | Outperform | — |
 Aegon Ltd.AEG | Outperform | — |
 Alcon Inc.ALC | Neutral | — |
 Ameresco, Inc.AMRC | Outperform | — |
| ANANIOY | Underperform | — |
| APAPEMY | Underperform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 22 | NTNetEase, Inc.NTES | Initiate | Outperform |
| Sep 22 | BIBilibili Inc.BILI | Initiate | Outperform |
| Sep 22 | NTNTDOY | Initiate | Neutral |
| Sep 21 |  AT&T Inc.T | Upgrade | Neutral →Outperform |
| Sep 21 | MTVail Resorts, Inc.MTN | Downgrade | Outperform →Neutral |
| Sep 21 | IMIMIAY | Downgrade | Neutral |
| Sep 18 |  Reddit, Inc.RDDT | Initiate | Neutral |
| Sep 18 | HMHonda Motor Co., Ltd.HMC | Initiate | Neutral |
| Sep 18 | XMXometry, Inc.XMTR | Initiate | Outperform |
| Sep 16 | DADASTY | Downgrade | Underperform |
| Sep 16 | OVOVHFF | Upgrade | Outperform |
| Sep 15 | LKLKNCY | Upgrade | Outperform |