SG RESEARCH

Please find below our latest publication:

Crédit Agricole SA (Buy, TP=€17.0) - Rating upgrade - Regional banks gathering momentum (3p)

Please find below our latest publication:

Barclays (Buy, TP=418.0p) - 12m target downgrade - Q3 09 trading update shows group on course for recovery and Barcap holding up well despite build-out costs (3p)

Please find below our latest publication:

KBC (Sell, TP=€24.0) - 12m target upgrade - Markets are pricing in a best-case scenario (10p)

Please find below our latest publication:

Dexia (Hold, TP=€5.60) - Quarterly results prev. - Lowering the risk profile is a top priority (2p)

Please find below our latest publication:

BBVA (Buy, TP=€15.0) - Analyst meeting - No news is good news – new COO but no change in strategic direction (3p)

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