GS cuts BCP to 'neutral' on fair valuation

Banco Comercial Portugues, SA

08/07/2026 08:57

** Goldman Sachs cuts Banco Comercial Portugues BCP.LS to "neutral" from "buy", citing a fair valuation of the stock as the bank's price to earnings ratio is now higher than the European banks coverage average
** "We view this valuation as broadly fair, with consensus estimates also largely in the right place over 2026-28E", it adds
** The broker also notes that BCP's share price has increased 20% YTD, outperforming STOXX Banks Price Index .SX7P which is up 15%, trading now at a premium to its 5-year historical average
** However, GS sees Portugal's largest listed lender improving its ROTE and NII to remain more resilient and less sensitive than that of its peers
** Out of 21 analysts that cover BCP, 12 rate the stock "strong buy" or "buy", ​seven rate it "hold" and two​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))