Société Générale: AlphaValue upgrades stock
(CercleFinance.com) - On Wednesday AlphaValue upgraded Société Générale shares to "buy" (from "hold"), maintaining its target price for them at 37.
In a report, the independent broker explains that it has significantly raised its EPS estimates for the banking group for 2022, largely due to the decline in its cost of risk.
Analysts also highlight extraordinary charges that are less than expected, now that the loss from the sale of Russian bank Rosbank has been disclosed.
AlphaValue also said that it has increased its net banking income forecast for this year, due to its strong capital markets business, solid advisory and financing fees and a better net interest margin.
However, analysts said they have reduced their EPS estimates for 2023 by 13% in anticipation of more challenging economic conditions.
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