Bloomberg News

Garanti Removed From Goldman ‘Focus-Sell’ List After Falls

December 14, 2011

(Updates with detail that Garanti was removed from “focus-sell list in lead, share price in last paragraph.)

Dec. 14 (Bloomberg) -- Goldman Sachs Group Inc. removed Turkiye Garanti Bankasi AS, Turkey’s biggest bank by market value, from its ‘‘focus-sell’’ list after the share’s recent ‘‘underperformance.’’

Garanti’s earnings should be boosted by higher inflation in the fourth quarter, due to the inflation-linked bonds the bank owns, Goldman analysts including Waleed Mohsin in Dubai said in an e-mailed report today.

‘‘Pressure on Garanti’s shares could ease post underperformance, as recent stronger CPI prints should boost fourth-quarter earnings,” the analysts said.

Garanti’s rating remained at “sell’ with a price estimate of 6.53 liras, they said.

Shares in Garanti fell 2.7 percent to 5.86 liras at 5:13 p.m. on the Istanbul Stock Exchange.

--Editor: Aydan Eksin

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editors responsible for this story: Mark Bentley at mbentley3@bloomberg.net; Riad Hamade at rhamade@bloomberg.net


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