GE’s Bank BPH Falls to One-Week Low as UBS Advises Sell
Bank BPH SA (BPH) fell to a one-week low after UBS AG recommending selling the Polish lending unit of General Electric Co. following gains this year.
Bank BPH lost as much as 2.7 percent to 42.52 zloty, the lowest since Feb. 23 and traded 1.6 percent lower to 42.99 zloty at 11:33 a.m. in Warsaw. The shares have advanced 36 percent this year, the second-best performance in the WIG Banking Index. (WIGBANK)
BPH had its recommendation cut to “sell” from “neutral” at UBS, which said the bank traded at 16.3 times its 2012 estimated earnings, compared with a 12.7 average for Polish lenders and a 10.1 average for peers in emerging markets in Europe, the Middle East and Africa.
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