might well climb another few percent tomorrow but i think we have a retrace by end of week , would like to buy back 5% below i bought in , they missed earnings ( albeit lower than expected ) but outlook is much improved for the coming twelve months , stock down 25% from yearly high prior to today so was due a bounce
Bank of Ireland – (BUY, Target Price €0.35) Remain long term BUYers Bank of Ireland came under pressure last week as investors shifted out of momentum stocks and into more defensive names. The expectation that the ECB will cut interest rates (including a negative deposit rate) in June also weighed on sentiment. Net interest margin may also come under pressure in the coming months without an uptick in new lending demand. Despite the short term volatility, we remain long term BUYers of Bank of Ireland, noting the return to profit this year. Key growth opportunities include the rebound in Irish mortgage and Consumer Finance markets, as well as leveraging its relationship with the UK Post Office. We maintain our target price of €0.35c based on FY17 figures.
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