Irish Banks Tumble as Analyst Cuts Bank of Ireland to Hold (IRE, AIB)
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Irish banks are getting slammed this morning following a downgrade of Bank of Ireland (NYSE: IRE) over at Deutsche Bank. Shares of Bank of Ireland have tumbled more than 18% on the downgrade, while shares of Allied Irish Banks (NYSE: AIB) have fallen more than 16%.
Deutsche Bank moved its investment rating on Bank of Ireland from Buy to Hold, citing the stock's 90% run-up over the last month. The firm sees near-term downside risk, especially considering the upcoming NAMA pricing, and recommended Lloyds Banking Group (NYSE: LYG), UBS (NYSE: UBS) or Dexia, instead.
To see all the market-moving analyst calls on shares of IRE, visit our Analyst Ratings page.
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so they said
so on Jun 16, 2009 04:42 AMone should be very naive to ignore the possibility of huge profits from these ratings....