The approval of a number of COVID-19 vaccines in late 2020, and early 2021, in addition to fiscal efforts and the prolonged easing measures taken by monetary politicians, emerged as catalysts for a brighter macroeconomic outlook in 2021.

Although we maintain our Hold recommendation on Bank of Valletta plc, in view of the aforementioned macroeconomic positive developments, we increased our 1-year price target on the Bank from €0.86 to €1.02.

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