Raiffeisen Bank Down 5.5% After Bank of America Halves Price Target, Cuts Recommendation

• (PLX AI) - Raiffeisen Bank shares fell 5.5%, adding to losses since Russia's invasion of Ukraine after Bank of America analysts slashed their price target for the bank in half.
• • Recommendation cut to neutral from buy at BofA, with price target cut to EUR 15 from EUR 31.30
• • Our central case is simply to remove Russia and Belarus earnings and balance sheets from the group, BofA analysts said
• • With no immediate central cost adjustment, this halves group profits, BofA said
• • Russia and Belarus were 35% of 2021 profit for the bank, BofA said, while Ukraine was 8%