Goldman cuts NBK price target
Kuwait, September 6, 2011
Low loan growth due to delays in implementing development projects could affect National Bank of Kuwait (NBK) in the near term, Goldman Sachs said and cut its price target on the lender's stock.
The brokerage, which lowered the price target to 1.39 dinars from 1.53 dinars, said it expects asset quality trends for NBK's international operations, especially in Egypt, to remain challenging.
Goldman maintained its 'neutral' rating on the stock, for which it started coverage earlier this year.
In July, NBK - Kuwait's biggest bank - posted a 4.5 per cent drop in second-quarter net profit, missing analysts' forecasts.-Reuters