WestLB opjusterer kursmål på Sydbank
WestLB Ups Sydbank Target Price Post 4Q
1138 GMT [Dow Jones] WestLB lifts Sydbank (SYDB.KO) target to DKK800 from DKK770, ups 05 EPS forecast to DKK93.32 from DKK89.71, 06 to DKK115.02 from DKK106.71 reflecting better-than-expected 4Q results. Says co's 05 operating profit guidance of DKK600M-DKK700M from DKK758M in 04 is in line with WestLB DKK776M estimate and indicates the bank is seeing significant margin pressure in its core areas. Sydbank proposes a dividend of DKK30 and 10:1 share split. Keeps sell recommendation.
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