Goodbody recommends sale of BoI shares

A sell recommendation has been placed on Bank of Ireland with a price target of 8c by Goodbody Stockbrokers.

The Dublin-based stockbroking firm yesterday lowered its forecast for 2012 full-year pre-provision profits from €415m to €270m.

In a research paper, Goodbody analyst Eamonn Hughes said the bank faced considerable challenges on its way to recovery.