LONDON (SHARECAST) - Credit Agricole is in a rally of its own kind after US investment firm JP Morgan upgraded the stock from 'underweight' to 'neutral'. Like the rest of the financial sector, the French bank is also benefiting from the European Central Bank's bond purchase plan presented on Thursday.
JP Morgan raised its price target for the stock from €5 to €5.50 thanks to its positive assessment of the sale of Greek subsidiary Emporiki.
Shares of Credit Agricole climbed 8.44% on Thursday and opened on Friday with another 7.98% gain. The stock was leading the gains on the Cac40 and traded at €5.41 on Friday morning.