Renaissance Capital, a multi-national investment firm with offices in Lagos, has placed a sell rating on the stock of Stanbic IBTC despite the bank reporting better than expected H1 earnings.
According to analysts, the company received a big boost from trading revenues, however they believe that the performance is a short-term occurrence and not sustainable over a longer period of time.
The bank’s stock was trading at N15.6 on Tuesday, but the analysts set a target price of N12.9, meaning that they believe the stock is over valued by the market.
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