Crédit Agricole: Deutsche Bank raises target price

(CercleFinance.com) - Deutsche Bank announced on Wednesday that it had raised its price target for Crédit Agricole shares from E16 to E17.
50, maintaining its "buy" recommendation.

In a sector study, the broker believes that French banking stocks now seem "ripe" for a period of outperformance.

French banks have underperformed their European counterparts since the beginning of 2022, which corresponds to the tightening monetary cycle, the analyst points out.

We are now back on the other side of the cycle, which could favour an acceleration in service and product fees and loan growth, while supporting net interest income (NII) in longer-duration markets and consumer credit, he adds.

Given their business mix, this environment seems ideal, especially for BNP and Crédit Agricole to outperform, Deutsche concludes.


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