Credit Agricole downgraded to Sell from Hold at Berenberg

Berenberg downgraded Credit Agricole to Sell from Hold with a price target of EUR 10.50, down from EUR 13.25. The long duration of French bank assets means that the recovery in domestic retail revenues and the incremental benefits from deposit hedges will take time to materialize, the analyst tells investors in a research note. Meanwhile, competitive pressures are likely to be sustained, says the firm. It believes the scope to offset potential revenue pressures with lower costs is uneven among the French banks. In this context, its relative preference is for BNP Paribas,