Getin Noble Heads for Week-Low on ING’s Sell Recommendation

Getin Noble Bank SA (GNB), the Polish lender controlled by billionaire Leszek Czarnecki, headed for the lowest in more than a week as ING Groep NV initiated coverage with a sell recommendation.

The stock lost as much as 4 percent before paring its loss to 2.3 percent at 1.71 zloty, the weakest level on a closing basis since Sept. 28, by 11:16 a.m. in Warsaw. ING set the share-price estimate at 1.55 zloty a share.

Getin Noble is looking to “shift to a more stable model based on long-term relationships with good clients,” Piotr Palenik, a Warsaw-based analyst at ING, said in a research note yesterday. “We like the change but upside will be visible in 2014 or even later.”

The shares are unchanged this year, compared with a 12 percent advance in the WIG20 stock index, according to data compiled by Bloomberg. The company’s second-quarter net income fell to 82.4 million zloty ($26.2 million) from 714.8 million zloty a year earlier, it said on Aug. 10.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.