Notable decision from Citi regarding Turkish banks

In their latest report, Citi economists have downwardly revised their previous recommendations for Garanti, Yapı Kredi, and Akbank.

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Notable decision from Citi regarding Turkish banks

Citi has downwardly revised its previous recommendations for Garanti BBVA, Yapı Kredi, and Akbank.

According to Bloomberg HT; Citi Analyst Simon Nellis downgraded his recommendation for Garanti BBVA from 'neutral' to 'sell'. Nellis stated that the institution's target price for Garanti BBVA is 42.80 TL.

Similarly, the recommendation for Yapı Kredi was also downgraded from 'neutral' to 'sell'. The target price for Yapı Kredi was set at 15 TL.

Citi downgraded its recommendation for Akbank from 'buy' to 'neutral'. The target price set for Akbank was announced as 33.80 TL.

News Source: 12punto