Bloomberg News

Sberbank Rallies Most in a Week After Deutsche Bank Upgrade

September 01, 2009

OAO Sberbank, Russia’s largest bank, posted the biggest gain in more than a week after Deutsche Bank AG recommended buying the stock on the outlook for earnings.

Sberbank rose 3.9 percent to 49.28 rubles, the highest since June 10. The stock was the biggest point contributor to the benchmark Micex Index’s gain today.

Deutsche Bank raised the Russian lender to “buy” from “hold,” and lifted the stock-price estimate to $2.50 from $1.60.

“We turn bullish on Russian banks as an improving non- performing loan outlook boosts earnings estimates and removes dilution risk,” Moscow-based analysts Bob Kommers and Yulia Rusanova wrote in a research report today.

The Frankfurt-based bank also upgraded Bank Vozrozhdenie to “buy” from “hold.” The lender focused on small businesses added 3 percent to 889 rubles.

To contact the reporter on this story: Zijing Wu in London zwu17@bloomberg.net.

To contact the editor responsible for this story: Gavin Serkin in London at gserkin@bloomberg.net


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