DB and Citigroup lift Bank of Cyprus price target

Deutsche Bank and Citigroup have revised higher their price target on the Bank of Cyprus shares following the announcement of above expectation 2006 preliminary results and the forecast for up to EUR 650 mln in net profits by 2009.

Deutsche Bank now expects BOCY shares to reach EUR 15.5 per share from its previous EUR 14 per share target, maintaining its “buy” recommendation. It refers to the preliminary 2006 results as very strong and following the very satisfactory profit growth targets, DB has also revised its targets higher by 11%.
Citigroup has also lifted its price target on BOCY to EU 15.5 per share, maintaining its ‘buy’ recommendation.