Société Générale: Morgan Stanley raises target price

(CercleFinance.com) - On Friday Morgan Stanley raised its target price for Société Générale shares from 20 euros to 23 euros (current price: 22 euros, -1%), while maintaining its "equal weight" rating on the stock.


In its comments on the banking sector, the broker explains that it has raised its estimates for the French bank, particularly due to a better-than-expected performance in corporate and investment banking (CIB) and lower-than-expected provisions.

Morgan said that SocGen, like BNP Paribas and Crédit Agricole, should report a "solid" first quarter, highlighting the strength of the three French heavyweights' capital markets, wealth management and asset management businesses, even to low interest rates are affecting their corporate lending businesses.

Regarding their outlook, the analyst said he expects to see "optimistic" forecasts as the recovery takes shape in the second half of 2021.


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