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