Goldman Sachs Group Inc. removed Turkiye Garanti Bankasi AS (GARAN), 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.
To contact the reporter on this story: Mark Bentley in Istanbul at firstname.lastname@example.org