Société Générale: Jefferies raises target price

(CercleFinance.com) - Jefferies has reiterated its "buy" rating on Société Générale shares, nudging up its target price for them from 35 euros to 37 euros (current price about 26.
5 euros, +0.5%), in comments that appreciate both SocGen, and its French peers BNP Paribas and Crédit Agricole, for which it is also a buyer, having increased its respective target prices.

The broker says that, "SocGen is the value, restructuring & recovery play, with further consensus upgrades due, ongoing cost-cutting, and a particularly depressed valuation level".

More broadly, for all three banks, Jefferies believes that business levels remain favourable, that capital returns are close and will not be one-off, and that valuations remain attractive.



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