Oddo BHF Downgrades Its Recommendation on Société Générale

Oddo BHF has downgraded its recommendation on Société Générale from "outperform" to "neutral" (relative to the sector), with a slightly increased price target from 78 to 79 euros to reflect its new earnings per share forecasts.

"After an excellent performance since the end of 2024, we believe the stock may lack catalysts to continue outperforming in the short term, even though it remains relatively inexpensive (1.02 times its tangible book value)," the firm explained.

The research firm notes that while the banking group reported net income, operating profit, and revenues above expectations for 2025, it also revealed mixed performances in terms of revenue.

Oddo BHF highlights that revenues were "better than expected in French retail banking and at the Corporate Center, but lower than anticipated in mobility and specialized financial services as well as in market activities."