Goldman Sachs changes forecasts for 4 Turkish banks

US investment bank Goldman Sachs stated that they have moved their valuation forecast period for Turkish banks from 2025 to 2026, announcing: "We are increasing our earnings per share estimates for the 2024-26 fiscal years for the four Turkish banks under our coverage by an average of 18 percent, driven by higher revenue estimates (mainly due to improvements in non-interest income) and higher average loan growth, which is partially offset by higher operating expense expectations on average." 

INCREASED BY 12 PERCENT

Goldman Sachs also stated that as a result of these forecast changes and based on their forward-looking assessments, they have increased their price targets for these four Turkish banks by an average of 12 percent.

Goldman Sachs raised its 12-month target price for Akbank from 43.5 TL to 49 TL while maintaining its "buy" rating.

While it increased its target price for YKB from 22.8 TL to 26 TL, it maintained its "neutral" rating.

It raised its target price for Garanti Bank from 62 TL to 71 TL and maintained its "neutral" rating.

For Vakıfbank, the "sell" rating was maintained while the target price was increased from 10.4 TL to 11 TL. 

Goldman Sachs, which maintained its "neutral" rating and target price of 24 TL for İş Bankası C, kept its "sell" rating and target price of 7.30 TL for Halkbank.