Goldman Sachs raises target price for 4 Turkish banks

Goldman Sachs

Goldman Sachs announced that it raised its price targets for Akbank, Garanti, Yapı Kredi and Vakıfbank by 12% on average, after incorporating fiscal 2023 results and the latest macro and banking sector trends.

“We are raising our per share estimates for the four Turkish banks in our coverage by 18% on average for fiscal years 2024-26, driven by higher revenue estimates (mainly due to an improvement in non-interest income) and higher loan growth on average, partly offset by higher operating expense expectations on average,” Goldman Sachs said.

Goldman Sachs raised its 12-month target price for Akbank from TRY43.5 to TRY49 while maintaining its recommendation as “buy”. It raised its target price for YKB from TRY22.8 to TRY26 but maintained its recommendation as “neutral”. It raised its target price for Garanti Bank from TRY62 to TRY71 and maintained its recommendation as “neutral”. For Vakıfbank, the recommendation was maintained as “sell” while the target price was increased from TRY10.4 to TRY11.

Goldman Sachs maintained its “neutral” recommendation and target price of TRY24 for İşbank C. Goldman Sachs maintained its “sell” recommendation and target price of TRY7.30 for Halkbank.

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