Citigroup slashes targets on Cyprus and Greek banks

Citigroup has downgraded its price targets of Greek and Cypriot banks in its latest report dated February 23, 2009. Citi has slashed its target price on Bank of Cyprus to EUR 2.75/share from EUR 3.25/share previously while the price target on Marfin Popular Bank has been cut from EUR 3.00/share to EUR 2.50/share. The target on Hellenic Bank has been cut from EUR 1.25/share to EUR 1.00/share.
Citi also cut the price target on National Bank to EUR 18 from EUR 21 (buy recommendation), Alpha Bank to EUR 7 from EUR 9 (buy), Eurobank to EUR 4.5 from EUR 6 (hold), Emporiki Bank to EUR 5 from EUR 7 (hold) and Piraeus Bank to EUR 4.75 from EUR 6.5 (hold). The target on Postal Savings Bank was cut to EUR 5 from EUR 6 (hold) and of ATE Bank to EUR 1 from EUR 1.25 (sell).
Citi also lowered its estimates on EPS in 2009 and 2010 by an average 15%.