UBS, DB and JPM bullish on BOC

Bank of Cyprus saw bullish upgrades from foreign investment houses following the release of the first half results, which saw profits climb to CYP 85 mln, more than analyst expectations.

UBS, the Swiss banking giant maintain its Buy1 recommendation on the BOC shares, lifting its price target from CYP 7.20 to CYP 7.50, implying an upside potential gain of 80% compared to Friday closing price of CYP 4.21 on the CSE.

UBS also revised its Earnings per share forecast on BOC by 7%, 3% and 4% respectively for the years 2006 to 2008.

Deutsche Bank lifted its price target on the BOC shares from CYP 5.60 to CYP 5.70, after BOC delivered a strong set of first half results. DB now expects BOC to report net profit of CYP 163 mln for 2006, slightly better than BOC’s own forecast of CYP 160 mln in net profit.

JP Morgan meanwhile said it will soon revise its year-end profit forecast of CYP 118 mln on BOC and looks to see the Bank entering its cooperation deals with others.