MARKET TALK: Societe Generale Cuts Barclays Price Target

13th Jul 2010 09:15

0815 GMT [Dow Jones] Societe Generale cuts Barclays (BARC.LN) price target to 395p from 481p. Says at its recent investor meeting, the chief financial officer pointed to a weaker 2Q for BarCap than 1Q, offset by a gain in own debt due to spread widening in 2Q. Says group impairment guidance is maintained despite some deterioration in Spanish real estate values. SocGen takes the opportunity to cut EPS forecasts. Lowers '10 EPS forecast by 12% to 27.3p, '11 by 17% to 38.7p and '12 by 15% to 49.8p. But remains firm buyers of Barclays. Shares +1.0% at 303p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 13, 2010 04:15 ET (08:15 GMT)