Patria raised its 12-month target price for Erste Bank shares to EUR 36 (from EUR 29) yesterday given the upgraded long-term dividend forecast and given Erste's recent strong profitability that initiated the moderate upward revision in the consolidated projections. Since the implied one-year upside potential of 12% has largely met the required return on investment, the investment recommendation has been raised to hold from sell.
Jan Hájek, Patria Finance