Société Générale: Barclays upgrades stock

(CercleFinance.com) - On Thursday Barclays upgrade its rating on Société Générale shares from "underweight" to "equal weight", increasing its target price for them from 19.
6 euros to 23 euros.

In its comments, the broker justifies its upgrade by the solid momentum in net banking income displayed by the French bank - a factor which it believes overshadows the elements that underpinned its previous negative rating.

Barclays - which says that it is "significantly" raising its earnings guidance for the group for 2021-23 - says the new estimates are behind the 17% hike in its target price for the share.


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