(News Bulletin 247) – Oddo BHF is adjusting its advice on Societe Generale shares, going from ‘neutral’ to ‘outperformance’, with a price target raised from 29 to 33 euros.
The analyst reports that Societe Generale stock has significantly underperformed the European banking sector over the past 18 months. “The change of CEO with the holding of an investor day on September 18 is reviving interest in the title,” adds Oddo BHF.
The broker estimates that after a difficult year 2023, a strong rebound of the RN is expected in 2024 (+34%) and 2025, favoring the rebound of the title.
‘We thus forecast a 63% increase in the group’s NR between 2023 and 2025 with an expected RoTE of around 9% in 2025 (vs. target of 10%)’, advances the analysis office.
“The title is very inexpensive and should rebound over the next 6/12 months, due to the updated presentation of the group’s strategy, but also the prospects for a gradual rebound in RN next year,” he concludes.
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