(Ondřej Daťka) Patria released a new Komercni banka report on Friday. We upgraded our long-term KB recommendation from hold to accumulate; our short-term recommendation remains hold. Our 12M target price is CZK 955 per share (10% above the market price of CZK 869). At the same time, we have very modest expectations regarding how much the government’s upcoming pre-privatization assistance will directly benefit KB (we are less optimistic than the market in this respect), and hence we consider the stock vulnerable in the short term. KB should deliver the results of its audit to the government by August 28, and we expect a government decision on KB guarantees in the following couple of weeks. The 10% upside (of our 12M target price over the market price) is not particularly attractive, but we advise taking advantage of the stock's characteristic volatility to accumulate the stock in times of price weakness.