UBS analyst Jason Napier downgraded Societe Generale (SCGLY) to Neutral from Buy with a price target of EUR 48, up from EUR 44. The firm expects the bank to begin paying interim dividends and announce a share buyback, adding that its refreshed profit forecasts rise 0-5%. However, with the stock up 68% year-to-date, the firm sees the stock as “up with events for now,” the analyst tells investors.
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