EnglishAnalysts of "Raiffeisen Centrobank" have raised their target price for shares of "BRD - Groupe Société Générale" (symbol:BRD) at 11.2 lei, but they changed their initial recommendation from "hold" (ed. note.: keep) to "reduce" (ed. note: sell), on the back of the bank"s Q2 profit exceeding expectations and Raiffeisen Centrobank analyst estimates.
Shares of BRD right now trade at 11.1 lei/share, approximately 1% below the target price issued by "Raiffeisen Centrobank".
"In our opinion the price of BRD shares increased more than warranted by fundamentals", analysts of the bank said.
They added that the only thing preventing them from issuing a higher target price is the fact that BRD shares are already trading at a premium.
"BRD" posted a profit of 425 million lei in H1 2009, down 17.4% Y/Y. The company"s had a ROE of 22.3% at the end of S1 and cost/income ratio of 43.8%.
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