Αlpha Finance places EUR 10.6 target for BOCY

Alpha finance commenced coverage on the Bank of Cyprus Pcl shares with a price target of EUR 10.6 per share and a “neutral” bias. Alpha Finance notes the strong profit performance recorded by Bank of Cyprus and the Management’s success in holding costs down.

Alpha Finance is forecasting Bank of Cyprus lifting profits by 21% annually and EPS by 20% in the period 2006-2008.