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After assessing the impact COVID-19 has had on BOV, we maintain our Hold recommendation on the stock whilst downgrading our 1-year price target to €0.86 from our previous target of €1.16, reflecting the challenges ahead.More recently, the Bank’s shares continued their downward trajectory during the year, which apart from the pandemic related issues, was also fuelled by the continued uncertainty surrounding the Bank’s pending Deiulermar case, the lack of dividend distribution, the uncertainty concerning the Bank’s transformation programme, and the BOV’s profit warning following the announced de-risking exercise across many of the Bank’s revenue centres.
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