Morgan Stanley upgraded Societe Generale (SCGLY) to Overweight from Equal Weight with a price target of EUR 35, up from EUR 28. The analyst believes the bank has “sizeable restructuring potential that could help to unlock capital. The firm also sees French retail net interest income bottoming out in the second half of 2023 and growing in 2024. ING Groep (ING) remains Morgan Stanley’s top pick among the France and Benelux banks.
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