Davy cuts share price targets by 14.5%

SHARE price targets for Irish banking stocks have been cut by as much as 14.5% by Davy Stockbrokers in a dramatic re-evaluation of the sector.

And yesterday Irish bank shares took another big hit following the publication of the report: €1.3 billion was wiped off the value of the ISEQ financial index which was down 2.68% at the official close.

Some €2.23bn was wiped off the ISEQ, which was down 2.34%. Bank of Ireland Plc fell 3.2% to €12.92 in Dublin. Allied Irish Banks Plc’s (AIB) shares lost 4.1% to €18.59. The Bloomberg Europe 500 Banks & Financial Services Index declined 2.2% to 262.65.