Societe Generale downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Societe Generale to Equal Weight from Overweight with a price target of EUR 29, down from EUR 30. The firm’s work continues to suggest upside from disposals for Societe Generale. However, a lack of progress and poor short-term trends drive the downgrade. Any tangible progress on sales would make the firm reconsider, but given the stock’s re-rating potential it “can afford to wait.”