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.
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