'Buy' Recommendation For Tüpraş By Two Foreign Institutions

'Buy' recommendation for Tüpraş was made by two foreign institutions. As TL declined against the US dollar, Tüpraş also declined along with it.

Renaissance Capital (RenCap) and HSBC announced that they raised their recommendations to the 'Buy' level due to the dollar-based pricing at Tüpraş, recalling the depreciation of the Turkish Lira against the US dollar. In its analysis for the company, RenCap reported that they raised their investment advice, which was previously 'Hold', to 'Buy', due to a 21 percent drop in the company's stock in dollar terms. The institution pointed out that Tüpraş had a dollar-based operation in its analysis and stated that this situation protected the company against the depreciation of the Turkish Lira. The 2021 year-end USD/TL expectation from 8 to 9; The institution, which increased its USD/TL expectation for the end of 2022 from 9 to 9.9, increased the target price of Tüpraş from 115 TL to 120 TL after these revisions. HSBC also made a revision regarding Tüpraş shares. With the weakening of the Turkish lira against the US dollar, an upward trend in oil prices and cheap valuation reasons, the institution raised its recommendation about the company to 'Buy'. The institution has also revised its target price in Tüpraş shares. Within the scope of this revision, the target price, which was 111 TL before, was increased to 120 TL.