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CRARY - Credit Agricole: This Misvalued French Bank Remains A Strong Buy
Credit Agricole SA ADR
I first recommended buying Credit Agricole (OTCPK: CRARF) (OTCPK: CRARY) in May (article here). The shares have held up well in the context of a tough environment for Europe's banks overall, being flat over the period against an average 8% decline for the sector and a 1% rise in the Euro Stoxx 50. Investors have received a €0.69 p.s. dividend, which brings total return to a respectable 6%.
I continue to think the shares have a lot further to run and this remains one of my favourite buy recommendations among European banks.