Lira to lose value, claims Nomura Int’l

Bloomberg

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The currency may recover to 1.65 to the dollar by the end of this year and to 1.55 next year, the brokerage said.

Nomura also initiated coverage of Turkish stocks. Garanti Bank, a lender part-owned by General Electric Co., and Yapı Kredi Bank, a Turkish bank co-owned by Italy’s UniCredit, were rated "buy" by Nomura International. Nomura also recommended Vakıfbank, a state-run Turkish bank, Turkcell, the nation’s largest mobile-phone company, and KoçHolding, Turkey’s biggest company. Coca-Cola İçecek, was rated "buy." Nomura International set a price estimate of 9.1 liras citing the company’s growth prospects.

İşbank and Akbank were rated "reduce" by Nomura. Ereğli Demir Çelik, Turkey’s biggest steel maker, was also initiated with a "reduce" recommendation. The brokerage started coverage of Turkish stocks with a "neutral" outlook.

Nomura provides securities dealing, investment banking, corporate finance, and asset management services for individual, institutional, corporate, and government customers.