Garanti downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Mehmet Sevim downgraded Garanti to Neutral from Overweight with a price target of TRY 33.90, up from TRY 26. With the "robust capital buffers and inexpensive valuations," the market may overlook a short-term earnings "squeeze" for the Turkish banks that may result from a decisive macro readjustment, the analyst tells investors in a research note. But given the "prevailing uncertainties," the firm finds it too early to play this theme.