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Investing.com - JPMorgan downgraded Banco Comercial Portugue (BCP:LI) from Overweight to Neutral on Tuesday, while raising its price target to EUR0.75 from EUR0.71.
The rating change follows the bank’s strong year-to-date performance, with JPMorgan noting BCP shares have delivered a total return of 60% so far this year.
JPMorgan cited limited upside potential from the current valuation of 1.5x P/NAV and 9.3x P/E for a 16.5% RoTE and total yield of 8% in 2027E as key factors behind the downgrade.
The investment bank also indicated limited scope for earnings per share upgrades against its current forecasts, which already broadly reflect BCP’s 2028 targets, including 2025-27 CAGR loan growth of approximately 5% and cost efficiency below 40%.
JPMorgan’s new December 2026 sum-of-parts based price target of EUR0.75 represents a slight increase from its previous target of EUR0.71 for the Portuguese bank.
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