Citigroup sees Bank of Cyprus at EUR 14 per share

Citigroup commenced coverage on Bank of Cyprus Pcl with a price target of EUR 14 per share and a “buy/medium risk” recommendation in a research note dated January 4, 2007, placing the bank among its top picks.

Citigroup expects the EPS of Bank of Cyprus to double by 2009, while the return on equity (ROE) of the Bank is seen rising from 22% end of 2006 to 27-28% by 2008-2010.