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Feb 3 2021, 06:30 GMT
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|Bank of Ireland||OUTPERFORM||11/03/13||Neutral||14/08/12||333c|
|permanent tsb Group||OUTPERFORM||04/02/21||Neutral||06/03/19||80.4c|
Positive catalysts have been largely overshadowed in the Irish banking market for some time – we believe this is about to change as the economy emerges from lockdown, certainty is provided on Brexit and further home buying support is introduced via a Shared Equity Scheme. In addition, the NatWest review of Ulster Bank Ireland presents further opportunities. Against this backdrop, we upgrade permanent tsb Group (PTSB) to ‘Outperform’ (price target: 125c from 75c) and reiterate our ‘Outperform’ ratings on Bank of Ireland (430c from 350c) and AIB (213c, unchanged).