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OTP Caps Weekly Drop as Goldman Cuts, Growth Concerns Rise

Aug. 24 (Bloomberg) -- OTP Bank Nyrt., Hungary’s largest lender, extended a second week of declines on concern a global economic slowdown will hurt corporate earnings and as Goldman Sachs Group Inc. cut its target for the stock.

OTP’s stock fell 1.6 percent to 3,572 forint by the close in Budapest, bringing its decline in the past week to 2.9 percent. The benchmark BUX stock index slid 0.6 percent.

The MSCI Emerging Markets Index fell 0.8 percent after U.S. data yesterday showed jobless claims rose. Hungary’s retail sales fell 1.7 percent in June from a year earlier, the central statistics office said in an e-mail today.

“Sentiment has rather deteriorated,” Jozsef Miro, a Budapest-based analyst at Erste Group Bank AG, and colleagues wrote in a research report today.

Goldman reduced its target price for OTP to 4,800 forint from 4,950, keeping its recommendation at neutral, according to an e-mailed report today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

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

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