UBS, DB and JPM up BOCY price target

UBS, Deutsche Bank and JP Morgan have all revised higher their price targets on the shares of Bank of Cyprus Pcl (BOCY), which following the release of better-than-expected 9M results and an interim dividend of 12 euro cents has rallied by more than 10% to current levels of EUR 9.80 per share.

UBS has revised higher its price target on BOCY to EUR 14 from EUR 12.50 previously maintaining its Buy1 recommendation on the stock. UBS notes that BOCY beat its profit target by 10% and based on the Bank’s ability to boost profits, it has revised its forecasted profit targets for 2006, 2007 and 2008 by 7%, 7% and 6% respectively.

Deutsch Bank revised its price target on Bank of Cyprus to EUR 11 from EUR 10 previously maintaining its Buy recommendation. DB notes that BOCY surpassed its profit forecast by 15% due to higher revenue coupled with low growth in expenses. DB is revising its forecasts for 2006 by 7%, for 2008 by 8% and for 2008 by 6%.

JP Morgan has also upped its price target on BOCY to EUR 11.50 from EUR 10.30 previously with an overweight recommendation on the stock.