Société Générale: Jefferies raises target price
(CercleFinance.com) - Jefferies reinstates its "buy" rating on Société Générale shares, having increased its corresponding target price from 27 euros to 30 euros, prefering the stock over BNP Paribas and Crédit Agricole, in a report in which it considers French banks as "still attractive".
"The strong outperformance of French banks relative to market since November has been driven by macro & technicals but also by consensus earnings upgrades post Q3 & Q4 results", the broker points out.
"Despite the rebound, French banks remain attractive as we expect some more positive consensus forecast changes, find capital return prospects attractive and see further valuation," it adds.
Even so, the share is down about 2% on Thursday afternoon, underperforming the CAC 40 (-0.7% at the time of writing).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"The strong outperformance of French banks relative to market since November has been driven by macro & technicals but also by consensus earnings upgrades post Q3 & Q4 results", the broker points out.
"Despite the rebound, French banks remain attractive as we expect some more positive consensus forecast changes, find capital return prospects attractive and see further valuation," it adds.
Even so, the share is down about 2% on Thursday afternoon, underperforming the CAC 40 (-0.7% at the time of writing).
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.