Credit Agricole upgraded to Equal Weight at Morgan Stanley on earnings momentum

As previously reported, Morgan Stanley upgraded Credit Agricole to Equal Weight from Underweight with a price target of EUR 15.50, up from EUR 13.50. Due to about 70% of its earnings coming from businesses that benefit from lower rates, the firm thinks Credit Agricole’s earnings momentum is set to continue, the analyst tells investors. The firm’s rating change is in line with its team theme of leadership change in the sector and marking to market higher equity and fixed income valuations and lower rates at the end of 2024, the analyst added.