Deutsche Bank bullish on Bank of Cyprus

Deutsche Bank analysts expect European banks to outperform in the event that corporate profits and global growth shows a positive performance during 2008. In a report dated January 2, 2008, DB analysts place Bank of Cyprus among their top picks with a price target of EUR 17 per share. DB is forecasting that BOC will report EUR 491 mln net profit in 2007, and then lift profits to EUR 600 mln in 2008 and EUR 761 mln in 2009.

DB remains overweight on banking shares and in addition to Bank of Cyprus, includes the titles of UBS, Santander, BNP Paribas, DnB NOR and Unicredit among its top picks.