Credit Suisse Changed Target Prices in Turkish Banks

Credit Suisse changed target prices in Turkish banks. The institution stated that they will remain cautious against Turkish banks.

Credit Suisse, publishing a research note, stated in this report that they will continue to be cautious against Turkish banks and that the short-lived optimism during the Naci Ağbal period was replaced by macro economic concerns. Credit Suisse, which declared that it made an average of 3 percent cut in target prices for Turkish banks, confirmed its superior performance rating for Akbank and Garanti, while it did not change the neutral rating for İşbank, Vakıfbank and Yapı Kredi. It confirmed the low performance score for Halkbank and TSKB. Noting that Turkish banks are currently discounted will limit the relative decline, the bank stated that the valuation/pricing ratio depends on time and conditions, but the discount in Turkish banks will continue for a while. Credit Suisse pointed out that they expect a 9 percent revenue growth for 2021, and stated that they expect the revenue rate to decline to 10 percent with a 64 basis points decrease. Credit Suisse, which set the price target for Akbank at 7.07 TL per share, set the price target as 10.24 TL for Garanti, while it was 4.08 TL for Halkbank, 5.75 TL for İşbank, 4.24 TL for Vakıfbank, 2.58 TL for Yapı Kredi and 1.30 TL for TSKB.