Besides the results, JB Capital Markets revises its recommendation upward attributed to a Portuguese company that changes from neutral to buy. However, it retained its target price at € 5.40 per share, giving it a potential return of 21.08% from yesterday’s close.
The figures were above the forecasts of analysts at CaixaBank / BPI. In the first half of the year, the investment bank posted a net profit of 15.6 million euros, with CTT surpassing this forecast by 10%. On a quarterly basis, the figures also exceeded the bank’s forecasts: 9 million euros versus 7 million expected.
In the rest of the Portuguese market, gains were also recorded at BCP, where the bank increased 1.37%, and Galp, which closed the day with a 0.3% gain.
The EDP ended the day unchanged at € 4.49 on the day that UBS raised its recommendation. “Buy” versus the previous “neutral” estimate. The average target price remained unchanged at € 5.40 per share, giving it 20% upside potential from its last closing price. The amount is also comparable to the average target price of the analysts covering the share of 5.76 euros.
The decline was accounted for by EDP Renováveis (-1.67%), Jerónimo Martins (-0.5%) and Corticeira Amorim (-2.72%).
