tommy271
Forumer storico
Deutsche Bank Lowers Target-Prices Of Six Greek Banks
Deutsche Bank reduced the target-prices of six Greek banks, according to a recent report, which cites estimates of capital shortages ahead of the semi-annual corporate results.
More analytically, the bank lowers estimates on earnings per share by 19% in 2011 and by 42% in 2012, due to lower net interest income and higher impairments.
Deutsche Bank said that this revision reflects its downward revision of Greece’s GDP, and its view that the European Central Bank would maintain unchanged the interest rates until the third quarter of 2012.
DB places the target-price of Alpha Bank at €2.4 from €3.7, while it keeps a “hold” rating, noting that Alpha Bank remains one of the less exposed banks to the Greek debt.
Eurobank’s target-price is reduced to €2.7 from €4.1, with a “hold” rating. DB said that coupled with sovereign exposure are the reasons for its cautious stance. Eurobank is one of the most exposed banks to sovereign debt, DB added.
Additionally, the German giant reduces the target-price of Piraeus Bank to €0.7 from €1.1. It maintains a “hold” rating on the shares, given the limited visibility on earnings and the proximity of the share price to DB target.
Regarding the Bank of Cyprus, Deutsche Bank reduces the target-price to €1.4 from €2.8, with a “hold” rating, while Marfin Popular Bank’s target-price is lowered to €0.3 from €0.8, also with “hold” rating.
DB reduces ATEBanks’ target-price to €0.3 from €0.4, maintaining the “hold” rating.
(capital.gr)
Deutsche Bank reduced the target-prices of six Greek banks, according to a recent report, which cites estimates of capital shortages ahead of the semi-annual corporate results.
More analytically, the bank lowers estimates on earnings per share by 19% in 2011 and by 42% in 2012, due to lower net interest income and higher impairments.
Deutsche Bank said that this revision reflects its downward revision of Greece’s GDP, and its view that the European Central Bank would maintain unchanged the interest rates until the third quarter of 2012.
DB places the target-price of Alpha Bank at €2.4 from €3.7, while it keeps a “hold” rating, noting that Alpha Bank remains one of the less exposed banks to the Greek debt.
Eurobank’s target-price is reduced to €2.7 from €4.1, with a “hold” rating. DB said that coupled with sovereign exposure are the reasons for its cautious stance. Eurobank is one of the most exposed banks to sovereign debt, DB added.
Additionally, the German giant reduces the target-price of Piraeus Bank to €0.7 from €1.1. It maintains a “hold” rating on the shares, given the limited visibility on earnings and the proximity of the share price to DB target.
Regarding the Bank of Cyprus, Deutsche Bank reduces the target-price to €1.4 from €2.8, with a “hold” rating, while Marfin Popular Bank’s target-price is lowered to €0.3 from €0.8, also with “hold” rating.
DB reduces ATEBanks’ target-price to €0.3 from €0.4, maintaining the “hold” rating.
(capital.gr)