Deutsche issues buy on BOC

Deutsche Bank commenced its coverage of Bank of Cyprus shares with a buy recommendation and a market price of EUR 4.72 or CYP 2.70. The target price provides for a 22% upside potential based on current level of EUR 4.20 trading in Greece and CYP 2.37 trading on the CSE.

Deutsche Bank analysts note in their coverage, dated September 14, that they are bullish on BOC because of two catalysts. First its reorganisation in Cyprus and its strong expansion in Greece.

The German investment banking giant notes that BOC presents an attractive valuation based on its growth potential during the next three years and forecasted average growth of 37% year-on-year.