BofA raises target prices for Turkish banks

US-based Bank of America (BofA) has raised its target prices for Turkish banks. The bank also maintained its 'buy' recommendations.

BofA raised its target price for Akbank to 90 TL and for Garanti BBVA to 136 TL.

According to BloombergHT, the target price for Halkbank was raised to 12.7 TL, while the recommendation was maintained as 'underperform'.

The report stated that while tightening measures could create short-term negative pressure on profitability when considering their impact on volumes and margins, they also support an investment scenario themed around normalization and low cost of equity.

In its report titled 'Turkish banks back on the radar' in January, BofA had noted that investor interest in Turkish banks had increased after many years.

Following the report, the banking index on the BIST started the day with a 2 percent rise at 13,287 points.