December 21 (SeeNews) - Austria's Raiffeisen Centrobank (RCB) said on Monday it has kept its "reduce" recommendation on Slovenian blue-chip Nova Kreditna Banka Maribor (NKBM) and cut its target price.
"We keep the stock at “reduce” and cut our TP from 15 euro ($16) to 11 euro to reflect a massive downgrade of the 2010 EPS [earnings per share] outlook by 49% accounting for higher risk provisioning and coupon payments from the proposed subordinated bond issue," RCB said in a statement.
No trading data for NKBM were available on the Ljubljana Stock Exchange by 1105 GMT on Monday. NKBM shares closed 3.76% up at 11.86 kuna on Friday.
($ = 0.698 euro)