CRÉDIT AGRICOLE : Barclays adjusts its price target
August 08, 2023 at 08:20 am EDT
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Barclays reaffirms its 'weighted in line' recommendation on Crédit Agricole, while raising its target price by 3% to 12.4 euros, in the wake of a similar increase in its underlying net profit forecast for 2025.
The broker explains that this increase largely reflects the planned acquisition of Degroof Petercam, announced by the French bank on the sidelines of its second-quarter results last week.
While Barclays takes a positive view of Crédit Agricole's results, it nevertheless prefers its peers BNP Paribas and Société Générale, both rated 'overweight', believing that they 'offer the prospect of a high return on capital'.
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Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows:
- retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network);
- finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.;
- asset management, insurance and private banking (25.9%);
- specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France).
At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits.
NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).
CRÉDIT AGRICOLE S.A. 
