Société Générale stock leads CAC 40 after two target price upgrades
Société Générale is posting the strongest performance on the Paris index mid-morning, following two upward revisions of price targets published following the presentation of the 2029 strategic plan. The stock is gaining ground while the CAC 40 remains nearly stable, in a calm market with the VIX falling back to 14.14.
Two brokerage firms raise their targets following the 2029 strategic plan
JP Morgan and RBC Capital have both raised their price targets on Société Générale in the last 24 hours. JP Morgan, which maintains its rating at "market perform", has raised its target from €81 to €83, while RBC Capital has raised its target from €84 to €88, with a "sector perform" rating. According to the analyst consensus tracked, the stock is trading at approximately 9.3 times expected earnings for the current fiscal year and 8.1 times for the following fiscal year, with an anticipated earnings per share growth of nearly 14% from one fiscal year to the next.
These revisions follow the presentation of the strategic plan through 2029, approved on September 18 by the board of directors, centered on cost control and selective growth. Upon the publication of H1 2026 results (July 30, 2026), the bank announced net income attributable to the group of 3.5 billion euros, up 13.9%, and raised its 2026 ROCE target to approximately 11%.
Stock price at the 20-day moving average level, supported by an advanced buyback program
At €73.43, the stock advanced 1.72% during the session, near its 20-day moving average which stands at €73.50. This minimal spread of 0.10% signals a pivot configuration: the stock finds itself exactly at this threshold after several weeks of selling pressure that had brought it down to €71 in early September. It remains significantly below its 50-day moving average at €77.02, a gap of 4.66%, which maintains medium-term momentum under pressure. The RSI at 41 remains neutral, showing neither oversold nor overbought conditions, particularly as the MACD displays a slightly positive histogram (0.23), a first sign of slight relief after the previous weeks' correction.
Over one year, the stock shows a gain of 28%, but has fallen nearly 7% over three months, reflecting the summer correction. The €1.5 billion share buyback program announced in August, executed at approximately 78% as of September 21, constitutes additional support for the stock price. The next level to monitor is the 20-day moving average close, which would open the way to the support turned resistance at €83.62.
