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Société Générale: Credit Suisse raises target price

( - Credit Suisse maintains its "outperform" rating on Société Générale shares, increasing its target price for them to 40 euros (from 38 euros), seeing "substantial upside potential for a stock trading at less than 0.
4 times TBV".

"SocGen reported Q2 adjusted pretax profit c50% ahead of consensus driven by strong revenues across divisions, and revealed a 2025 business plan which was >8% ahead," the broker said.

"While SocGen targets just a 10% ROTE in 2025 (consensus 9.2%), it assumes zero rates, with an illustrative 150bps higher rates potentially adding up to E1.5bn to NII," Credit Suisse adds, which has increased its 2023/24 EPS estimate by around 7%.

The French bank's share is currently up about 1.4%, about 1% ahead of the market in Paris.

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