Sharelink lifts Bank of Cyprus price target

Sharelink Securities & Financial Services Ltd., a member of SFS Group (SFS) has raised its price target on the Bank of Cyprus shares to EUR13.60/share from EUR11.00/before.

“Our price target is set at a premium to our through-the-cycle fundamental value on the stock mainly to capture any revised profitability targets set by Management in the near future, a lower market risk premium as Cyprus approaches the adoption of the Euro in 2008, the further expected improvement in the stock’s liquidity relating to the enlarged investors’ base due to the Common Trading Platform between the Athens Stock Exchange (ASE) and the Cyprus Stock Exchange (CSE), and the recent M&A activity in the banking sectors of both Cyprus and Greece,” Sharelink notes in its report issued on February 12, 2007.

Sharelink Research’s ratings are based on a 12- month rolling price target.