NewsDJ MARKET TALK: Cheuvreux Downgrades Banesto To Underperform
10/03/06 - Dow Jones Newswires
0859 GMT [Dow Jones] Cheuvreux cuts Banesto (BTO.MC) to underperform from outperform on valuation grounds as a recent 25% run-up leaves the stock trading at 13x '07 adjusted price/earnings. Tells investors to switch to Banco Popular (POP.MC) or Banco Sabadell (SAB.MC), both trading at 12x '07 adjusted P/E. Still, the brokerage notes Urbis (URB.MC) ought to boost growth prospects, fueling high-margin segments like SME's and consumer lending. Sees management upgrading targets to reflect superior growth in upcoming 3Q presentation. Keeps target at EUR16.5. Shares trade -1.7% at EUR15.81. (CHB)
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(END) Dow Jones Newswires
October 03, 2006 04:59 ET (08:59 GMT)
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