JPMorgan updates target prices for Turkish banks

JPMorgan updated its recommendations on Turkish banks and revised its target prices.

JPMorgan announced its target prices for Turkish banking stocks.

In the report dated July 5 and signed by Mehmet Sevim, Samuel Goodacre and Sukanya Khan, it was stated that following the decisive and coordinated steps taken by the government and the CBRT, the market’s confidence that inflation will be reduced has increased and banks have recorded an 80 percent premium since the beginning of the year.

In the report, Akbank, Garanti BBVA, Yapı Kredi, Halkbank and Vakıfbank were among the banks with revised target prices.

JPMorgan, which raised its target price for Akbank to 77 TL and announced its recommendation as “neutral”, increased its target price for Garanti BBVA to 164 TL and raised its recommendation for the stock from “neutral” to “increase weight”.

JPMorgan raised its target price for VakıfBank to TRY24 and maintained its recommendation as “underweight”, while increasing its target price for Yapı Kredi to TRY44 and recording its recommendation as “neutral”.

On the other hand, JPMorgan raised its target price for Halkbank to TRY18 and maintained its recommendation as “underweight”.

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