Current valuations continue to imply cost of equity in mid-teens on normalized basis, Citi says. • Highlights considers regulatory and asset quality risks as manageable • Cites potential for capital return and normalized RoTE above CoE • Suggests buying BNP Paribas (most Preferred), SocGen (further rerating), Credit (paradigm shift) • Keeps neutral rating on Natixis with “an eye on investor day” (Nov. 14)