Morgan Stanley predicts the European lender's profits will rise in 2024 despite the threat of windfall taxes on the continent.
Morgan Stanley has named Societe Generale as its top stock pick among European banks, seeing a 35% upside for the French lender. The Wall Street bank said SocGen is well positioned to benefit from higher interest rates in Europe and expects shares of the company to rise to 35 euros , from 25.5 euros currently. The investment bank's analysts upgraded SocGen to an "overweight" rating and named it a top pick alongside ING Groep of the Netherlands and CaixaBank of Spain. GLE-FR .
Specifically, the analysts see stable net interest income for banks in 2024. This is a key earnings metric based on the difference between deposit and lending rates. SocGen was highlighted as a top pick based on its global restructuring potential under a new CEO appointed last year. Morgan Stanley sees room for cost cuts from internal mergers underway. The French bank also stands to gain as the cost of its hedges declines, and deposit costs stabilize.
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