(Boursier.com) — In the top positions of a CAC40 which slumped at the end of the morning, Societe Generale advance of 1.1% to 22.7 euros. The title of the Banque de la Défense is notably supported by a note from BofA Global Research which raised its recommendation on the issue from ‘underperform’ to ‘neutral’. The analyst highlights the orderly exit of the lender from Russia, the progress of the acquisition of LeasePlan by ALD and the merger of the French networks, as well as the environment of rising interest rates. But he nevertheless considers the profitability of SocGen structurally weak given its economic model. The objective is lowered from 31 to 28 euros.
Kepler Cheuvreux for his part confirmed his ‘buy’ opinion while reducing his target from 40 to 34.3 euros.