Goldman Sachs said that top down risk is receding but profitability pressures remain firmly in place, according to a report about European banks.
“The interconnectivity of the Eurozone banks is such that sovereign volatility since May 2010 has affected all share prices without significant differentiation”, Goldman Sachs said.
The firm decreased the target-price of Piraeus Bank to EUR1.50 from EUR1.52, while the target-prices of National Bank and Hellenic Postbank remain unchanged at EUR7.2 and EUR2.6 respectively.
Additionally, Goldman Sachs decreased Eurobank’s target-price to EUR4.5 from EUR4.8. Target-prices of ATEbank, Bank of Cyprus and Marfin Popular Bank remained unchanged at EUR0.4, EUR3.2 and EUR1 respectively.
source: capital
