BNP Paribas, Credit Agricole cut at J.P. Morgan

MADRID (MarketWatch) -- French banks BNP Paribas SA and Credit Agricole SA were both downgraded on Friday at J.P. Morgan Cazenove, which said long-term structural issues remain for the country's banks. "French banks are still over-leveraged, and there is still 100 billion euros ($131 billion) of further deleveraging required on top of the announced plans," analysts said. BNP was cut to neutral from overweight. J.P. Morgan analysts said the stock is better positioned in terms of capital and funding, but that's already reflected in share prices. Credit Agricole was cut to underweight from neutral, as analysts said valuation looks relatively unattractive versus its peers, given the bank's high exposure to Greece. Societe Generale SA remains overweight.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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