BROKERWATCH BNP Paribas to 'neutral' vs 'overweight' at HSBC, target 62 euros

Mon. June 30, 2008; Posted: 03:35 AM

LONDON, Jun 30, 2008 (Thomson Financial via COMTEX) -- CRARF | Quote | Chart | News | PowerRating -- HBSC has downgraded BNP Paribas to 'neutral' from 'overweight' and cut its price target to 62 euros from 72 euros while also lowering its price targets on Credit Agricole SA. and Societe Generale, market sources said.

In a note published on Monday morning, HSBC said it sees BNP Paribas needing more equity in the near future.

The broker added given the deteriorating economic environment and the possibility of further capital market write-downs, it believes there is a very real risk the bank may need to raise more equity.

Elsewhere, HSBC has reiterated its 'neutral' stances on both Credit Agricole and Societe Generale and cut their respective price target to 14 euros from 20.5 euros and to 60 euros from 67 euros. joanne.frearson@thomsonreuters.com jf/ms1

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