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SocGen’s Better Momentum Than BNP May Attrack Investors, UBS 2014-02-14 09:12:15.582 GMT
By Chris Malpass Feb. 14 (Bloomberg) -- Societe Generale raised to buy from neutral, BNP Paribas cut to neutral to reflect shift in French banking dynamics, UBS says in note today. * SocGen’s better earnings momentum, cost control, lower valuation to increasingly attract investors * SocGen reached “significant” milestones in 4Q on capital, leverage, funding and asset quality * SocGen, BNP focus to switch to profit now that balance sheets sorted * Market underestimating SocGen’s potential profit boost from tax-loss carry forwards * NOTE: SocGen up as much as 1.6% today in 9th day of gains, longest run since 10-day streak in Jan. 2012 EARLIER: BNP Paribas Cut to Neutral at UBS on Weak 4Q, Soft Targets
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To contact the reporter on this story: Chris Malpass in Berlin at +49-30-70010-6234 or cmalpass@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net