Société Générale: UBS confirms buy rating

(CercleFinance.com) - UBS confirms its "buy" rating on Société Générale shares, while trimming its target price for them to E26.
1 (from E31), with its new target price still representing 16% upside potential for the French bank's share.

The analyst underlines room for a multi-year re-rating.

"We completely rebuilt our SG model to deal with new divisional boundaries and an expanded mobility business", UBS says.

The strategic plan presented last September translates into a number of financial targets, including a robust CET 1 ratio of 13% by 2026. The broker believes that its commitment to a higher CET1 is welcome.

Capital allocation is moving in the right direction, it also emphasizes in its summary.


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