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In view of the pandemic related developments vis-à-vis the Bank’s operational and financial performance, we maintain our Hold recommendation on the stock whilst lowering our 1-year price target to €1.98 from our previous target of €2.36, reflecting the challenges ahead.Apart from the implications brought about by the pandemic on the banking industry, the current low interest rate environment, is eroding the core banking profitability globally, especially in Europe with average interest rates margins at the low of 1.3 percent.
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