Credit Agricole Is Undervalued For First Time Since IPO: Jefferies

Jefferies has initiated coverage of Credit Agricole SA (EPA:ACA) (BIT:ACA) (OTCMKTS:CRARY), rating it a Buy and saying that the bank is a good long-term value buy for the first time since its 2001 IPO. Credit Agricole SA (EPA:ACA) (BIT:ACA) (OTCMKTS:CRARY) has had one of the worst performing investment banking units in Europe, and a big part of the reason why Jefferies considers it a good proposition is because the company is because the bank is now focusing on the retail functions that have long been its strength. “Unlike its peers, the group has left behind its universal banking pretensions and over…