Goldman Sachs announced that it revised its forecasts for Akbank, Garanti BBVA, Yapı and Vakıf after evaluating the 2023 fiscal year results and the latest macro and banking sector trends.
The investment bank also noted that they had advanced the valuation forecast period for Turkish banks from 2025 to 2026, adding, “We have lowered our per share forecasts for fiscal 2024-26 for the four Turkish banks in our scope, with higher revenue forecasts (mainly due to improvement in non-interest income) and average “As a company, we are increasing it by an average of 18 percent due to higher loan growth, partially offset by expectations for higher operating expenses on average,” he said.
INCREASED BY AVERAGE 12 PERCENT
Goldman Sachs also emphasized that as a result of these estimate changes and based on our forward-looking valuations, they increased their price targets for these four Turkish banks by an average of 12 percent.
Goldman Sachs increased its 12-month target price for Akbank from 43.5 TL to 49 TL and kept its recommendation as “buy”. Although he increased his target price for YKB from 22.8 TL to 26 TL, he maintained his recommendation as “neutral”. He increased his target price for Garanti Bank from 62 TL to 71 TL and kept his recommendation as “neutral”. While the recommendation for Vakıfbank was maintained as “sell”, the target price was increased from 10.4 TL to 11 TL.
Goldman Sachs maintained its recommendation for İş Bankası C as “neutral” and its target price as 24 TL, and maintained its recommendation for Halkbank as “sell” and its target price as 7.30 TL.