Deutsche Bank Downgrades Bank of Ireland (IRE) to Hold
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Deutsche Bank downgrades Bank of Ireland (NYSE: IRE) from Buy to Hold.
Deutsche analyst says, "The share rallied 90% in the past month to trade at 10% above our E2 target price, derived as 4x post-crisis EPS of E0.5, an estimate which assumes no further equity dilution. Whilst 4.4x 2011/2012E EPS looks cheap if BKIR issues no further stock (the Irish banks traded at 7-8x pre-crisis), the share price rally and NAMA loan pricing uncertainty present near term risks. We will review our model in July when NAMA pricing is announced. For now, we retain our estimates and target price, but with the share trading at close to our target price downgrade to Hold."
"We see room in bank investor portfolios for deep value, higher risk shares such as Bank of Ireland but, given the rally in the share price and upcoming risks surrounding the NAMA pricing we reduce Bank of Ireland to Hold. Our preference in Europe in the restructuring stock space is for Lloyds Banking Group (NYSE: LYG) (very low likelihood of further dilution, cost synergy upside, BUY, 66.7p), UBS (NYSE: UBS) (Buy, CHF16.04) and Dexia (Buy, 6.24)."
The Governor and Company of the Bank of Ireland provides banking and other financial services to small and medium-sized commercial and industrial companies primarily in Ireland, the United Kingdom, the United States, and the rest of world.
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