(News Bulletin 247) – Societe Generale on Thursday posted one of the best performances in the CAC 40 index on the Paris Stock Exchange following a favorable rating from RBC analysts.
Around 11:50 a.m., the value rose 0.7%, marking the second largest increase in the index behind Sanofi and thus returning to five-month highs.
In a study released in the morning, the Canadian investment bank said it had raised its price target on the title from 31 to 35 euros, declaring that it was considering a “new start” for the French financial group.
“There are a number of reasons that lead us to believe that SG’s stock price could rise,” explains Royal Bank of Canada.
The firm highlights in particular the 50% discount on which the action is traded once compared to the value of the tangible assets, a level much higher than in the past (30%).
RBC also evokes a possible change in dynamics in the group’s financial results and says it sees the presentation of the next strategic and financial roadmap, scheduled for September 18, as a possible ‘catalyst’.
For the time being, the bank is renewing its ‘performance in line with the sector’ opinion, continuing to show its preference for other banking securities such as Deutsche Bank, Barclays or BNP Paribas.
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