(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation on Societe Generale, as well as its target price of 43 euros, as the banking group approaches the publication of its second quarter results on August 3.
While it does not expect the second quarter to be a significant catalyst for French banks, the broker expects Societe Generale to launch its already approved €440 million share buyback program.
‘BNP Paribas and Société Générale remain in our list of best picks among European banks, with a catalyst on September 18 for Société Générale (investor day)’, he adds in the summary of his sector note.
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