(News Bulletin 247) – Societe Generale signs Friday the strongest rise of the CAC 40 index on the Paris Stock Exchange after an increase in recommendation of Deutsche Bank, passed to the purchase on the title.
Around 2:15 p.m., the title of the French banking group gained nearly 3%, when the CAC 40 index was ahead of 1%.
Deutsche Bank announced this morning that it has raised its recommendation on the stock from ‘hold’ to ‘buy’, with a target price of 34 euros showing a potential appreciation of 45%.
The intermediary justifies its decision by the fact that several favorable elements are emerging for the establishment by 2024, starting with a recovery in the net interest income (NII) of the retail banking division in France.
The analyst also mentions the forthcoming materialization of cost reductions resulting from the restructuring of the branch network as well as the positive effects of the merger between ALD and LeasePlan.
‘The solid quality of its assets, the correct level of its available capital and the profitability of its capital and a cheap valuation complete this investment case,’ adds DB.
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