Wednesday May 7, 01:36 PM
EFG Eurobank downgraded to "neutral"
By Piraeus Securities
LONDON, May 7 (newratings.com) - Analysts at Piraeus Securities downgrade EFG Eurobank (ticker: EFG) from "outperform" to "neutral." The target price has been reduced from E26 to E24.4.
In a research note published this morning, the analysts mention
that the company has reported its core profits for 1Q08 short of the estimates due to higher-than-expected costs, resulting from stronger-than-expected business volumes and higher-than-anticipated provisions. The analysts add, however, that EFG Eurobank's net profits for the quarter were in-line with the estimates on account of stronger-than-expected trading. The company expects to witness greater challenges to achieve its targets in the current year than it did in the previous years. The net profits estimates for 2008, 2009 and 2010 have been reduced by 6.8%, 5.9% and 5.8%, respectively.
© 2008 New Ratings
Click here for more articles from NewRatings.com
|
|
|
Send Article by Email
