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Société Générale: in right direction with broker upgrade

( - Société Générale climbs close to 2% with the backing of Jefferies, which upgrades its recommendation from 'hold' to 'buy' and its price target from 16 to 17.
6 euros, seeing “two key positive catalysts not captured in the current share price”.

“First, our revised-up EPS forecasts for 2021-22 are 20% and 12% ahead of consensus on higher French retail banking revenues and lower costs,” says the broker in its note on the financial institution.

“Secondly, we turn more positive on capital return and now expect SocGen to pay a E1 DPS for FY20 on large excess capital and sufficient provisioning effort”.

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