P&K ups BOC target

P&K, the Greek brokerage firm has upped its price target on Bank of Cyprus shares from EUR 4.20 to EUR 4.70 or CYP 2.69 in an investment report dated November 3, maintaining its recommendation on the stock at “Equal weight”.

P&K in its report entitled “cost restraints boost profits” describes the nine month results released by the Bank as good and in line with expectations, while upping its forecasted profits for 2005 and 2006.

Based on the new estimates, the net profits of BOC are seen at EUR 114 mln or CYP 65.5 mln for 2005 and EUR 143 mln or 82 mln. BOC earnings per share are seen at 0.24 euros for this year and 0.26 euros for 2006.