Erste Bank: Moving To 'Hold' (Rating Downgrade)
Erste Group Bank has been downgraded to a 'HOLD' rating with a price target of €97 per share. Despite showing impressive annual growth of 15-20% and a strong return on tangible equity, the bank faces integration risks that cap its valuation. The recent spike in risk cost ratio is linked to accounting changes rather than credit quality issues.
- ▪Erste Group Bank is downgraded to a 'HOLD' with a price target of €97/share.
- ▪The bank has demonstrated impressive growth exceeding 15-20% annually.
- ▪Recent risk cost ratio spikes are attributed to IFRS 9 accounting for integration, not credit quality deterioration.
2 outlets in our directory ran this story, first to last over 6 hours. All of the coverage we found sits in one bucket: centre. That one-sidedness is itself worth noticing.
- ▪ Vallourec: I Moved To The Sidelines On Valuation (Rating Downgrade) — Seeking Alpha
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