Kepler Cheuvreux upgrades Societe Generale on expected boost in profitability

** Kepler Cheuvreux upgrades Societe Generale GLE to "buy" from "hold", expecting increased profitability for 2027 mainly thanks to cost management measures

** The broker sees an increase in the French bank's return on tangible book value to 10.6% in 2027, with 9.8% projected for both 2025 and 2026

** Societe Generale's high CET 1 capital ratio of 13.7% in Q3 also offers "a lot of optionality to drive the business forward", Kepler says, adding a 1 billion euro ($1.2 billion) share buyback is likely in Q4

** It says it believes the bank could take its car leasing unit Ayvens AYV private sooner than the broker had anticipated, potentially boosting profits by up to 8%

** Out of 22 analysts that cover Societe Generale, 17 rate the stock "strong buy" or "buy",​ four "hold" and one "sell" - LSEG data

($1 = 0.8575 euros)