JP Morgan ups BOC target

JP Morgan has upped its price target on the shares of Bank of Cyprus Pcl (BOC) from CYP 5.30 to CYP 5.90 or EUR 10.3 maintaining its overweight recommendation, but the higher target is still lower than the CYP 7.50 price target set by UBS on the BOC shares.

JP Morgan analysts also increased their year-end BOC profit forecast by 37% to CYP 162 mln from CYP 118 mln previously. For 2007, JP Morgan forecasts a 17% increase in profits to CYP 196 mln while for 2008 another 7% increase is forecast to CYP 245 mln, provided that the higher revenue from net interest income growth will be maintained.

Following the announcement of the first half results, UBS maintained its Buy1 recommendation on the BOC shares, lifting its price target from CYP 7.20 to CYP 7.50.

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

Deutsche Bank meanwhile, 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.

Egnatia lifted its price target on BOC shares to EUR 9.4 or CYP 5.40 from EUR 9.2 previously, maintaining its Buy recommendation on the stock.

P&K revised higher its price target on BOC from EUR 10.5 (CYP 6.04) to EUR 11 or CYP 6.32 per share with an “overweight” recommendation.