Deutsche Bank upgraded Societe Generale to Buy from Hold with an unchanged price target of EUR 34. The analyst believes it is time to look through the 2023 French retail bank net interest income headwinds and focus on the “many tailwinds visible” in 2024, including cost savings from French Retail networks merger. Solid asset quality, decent capital headroom and a cheap valuation “complement the investment case,” the analyst tells investors in a research note.
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