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Bank of Georgia downgraded to Neutral after rally at Citi

Citi analyst Simon Nellis downgraded Bank of Georgia Group to Neutral from Buy with a price target of 3,900 GBp, up from 3,200 GBp. The analyst appreciates the bank’s “strong track record” of delivering attractive returns, but downgraded the name following the recent rally. The firm sees a more challenging earnings growth outlook ahead as rate cycle peaks and puts downward pressure on margins.

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