BNP Paribas: stock down after Barclays downgrade
(CercleFinance.com) - The BNP Paribas share is one of the biggest fallers in the CAC 40 index on Monday, penalised by Barclays analysts downgrading the share.
The British broker has downgraded its rating on the largest bank in the euro zone to "underweight" versus "equal weight," while reducing its corresponding target price from 40 euros to 37.2 euros.
In comments on the French banking sector, Barclays expresses concern about the exposure of French banks to the consumer credit sector.
"Consumer credit exposures... are not often debated in the market due to light disclosure, but we believe they are the key driver of nearer-term impairments," Barclays warns.
At around 3.30 pm, the BNP Paribas share was down 2.2%, underporming the CAC 40 index, which had decreased 1.5%. The share has recovered by more than 30% over the past month.
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