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Oct 22 2025, 07:00 IST/BST
Banks
Banks monthly: looking ahead to Q3
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 752c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 1316c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 228c |
DAVY VIEW
The key themes in Q3 are unlikely to dramatically differ to those of H1 2025 and, in some areas (particularly on distributions), clarity is unlikely to be forthcoming. Nonetheless, we expect upbeat statements as domestic activity levels remain robust. The recent reduction in valuations for AIB Group (AIBG) and Bank of Ireland (BIRG) appear overdone. As we have recently highlighted, permanent tsb Group (PTSB) presents a substantial upside opportunity. We increase our AIBG and BIRG price targets to €9.55 (from €7.40) and €17.70 (from €14.90) respectively and re-iterate our recently issued PTSB price target of €3.25.
