Credit Agricole downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Credit Agricole to Underweight from Equal Weight with a price target of EUR 15, up from EUR 14.70. The analyst believes shares of French lenders will remain “subdued” compared to Benelux banks due to weak fixed income and French Retail. Credit Agricole has an “unappealing” valuation and lower capital levels versus its broader European peers, the analyst tells investors in a research note.