Friday December 21, 02:47 PM
Credit Agricole "hold," target price reduced
LONDON, December 21 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "hold" rating on Credit Agricole SA (ticker: CAGR-EUR), while reducing their estimates for the company. The target price has been reduced from E27 to E26.50.
In
a research note published this morning, the analysts mention that the company has announced further CDO-related writedowns of E2.5 billion. The writedowns are partly due to ratings downgrades of several monoline insurers and partly as a response to similar writedowns by competitor banks, the analysts say. The EPS estimate for 2007 has been reduced by 21%.
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