RBC tags Permanent TSB stock with underperform, sets price target By Investing.com
On Wednesday, RBC Capital initiated coverage on Permanent TSB Group Holdings PLC (PTSB:ID) with an Underperform rating and a price target of €1.00. The firm highlighted concerns about the bank’s profitability, particularly due to its heavy reliance on net interest income (NII) in a climate of decreasing interest rates. This situation is compounded by the necessity for the bank to invest in its operations while already bearing high costs.
The analysis by RBC Capital suggests that the market consensus has not fully accounted for the implications of the current implied forward rate curve on Permanent TSB’s financial outlook. Moreover, RBC Capital’s projections are significantly more conservative compared to the broader market…
