In a new report released yesterday, Patria reiterated its key long-term buy recommendation for KB and raised its target price from CZK 1,170 to CZK 1,360. We raised the short-term recommendation from accumulate to buy.
KB’s favorable growth outlook, as well as the large discount of the current market price to our revised target price, offers an attractive investment opportunity. Moreover, risks associated with the bank’s 2001 results have been, we believe, largely absorbed in market expectations.
(Jan Hajek)