Societe Generale downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Kazim Andac downgraded Societe Generale to Hold from Buy with a price target of EUR 33, down from EUR 37. The analyst sees "more headwinds than tailwinds" in the near-term for Societe Generale, saying its French Retail revenues will likely to be under more pressure than initially forecast. In addition, Global Markets revenues are expected to normalize after a strong 2.5 year run, the analyst tells investors in a research note. The firm views 2023 as a transition year for the bank.