Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

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

Oct. 9 (Bloomberg) -- Getin Noble Bank SA, 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.