Alpha Finance-AXIA raises Bank of Cyprus price target to €12.30 amid strong profitability and dividends outlook
Alpha Finance-AXIA has increased its price target for Bank of Cyprus (BoC) to €12.30 from €11.60, citing the bank's robust profitability, solid capital position, and attractive shareholder returns. The investment firm maintained its Buy recommendation on BoC, projecting a potential total return of 25.7% including dividends based on recent share prices. BoC's dividend yield is expected to rise, reaching 11.2% in 2028, making it one of the highest among European banks.
The revised target is part of a wider upgrade across Greek banks, with Alpha Finance-AXIA also raising price targets for Eurobank, National Bank of Greece, and Piraeus Bank while keeping Buy ratings. The brokerage highlights sustained earnings growth driven by higher interest rates, fee income expansion, credit growth, and improved profitability supported by reduced non-productive assets and lower capital burdens.
Alpha Finance-AXIA forecasts a strengthened Greek banking sector with sector-wide returns on tangible equity exceeding 16% through 2028. Despite strong recent share price gains, the brokerage anticipates a positive medium-term outlook, noting potential for consolidation following valuation gains relative to European peers.
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