Ceska sporitelna: Patria issued a new report on CS, revised target price of CZK 396

In a new report released yesterday, Patria reiterated its key long-term accumulate recommendation for CS and raised its 12M target price to CZK 396 (previously CZK 283). Patria also reiterated its short-term recommendation to hold the stock.

Increased profitability, a dominant position on the expanding Czech retail market, the promising transformation process ongoing at the bank, and the current 11% growth potential to our revised 12M target price all favor an investment in CS stock in the long-term horizon.

See the .pdf file for our detailed forecasts and a comment .

(Jan Hajek)