(Bloomberg) -- Goldman Sachs raised its earnings per share estimates and 12-month price targets for several Turkish banks, citing projections for higher revenue and higher loan growth on average. 

The investment bank raised its EPS estimates for Akbank, Yapi Kredi, Garanti and Isbank by about 18% on average for the 2024 to 2026 period, according to a report dated Feb. 9 from analysts including Waleed Mohsin. 

Goldman also increased its 12-month price targets for the Turkish lenders by an average of about 12%, citing updated earnings estimates. 

Akbank’s 12-month price target was raised to 49 liras ($1.60) from 43.6 liras, implying a 22% gain in the lender’s shares compared with Friday’s closing level. 

Goldman raised its price targets for Yapi Kredi, Garanti, and Isbank to 26 liras, 71 liras and 24 liras, respectively. The firm raised its 12-month price target on sell-rated Vakifbank to 11 liras, while it kept Halkbank’s price target unchanged. 

The bank sees higher revenue for Turkish banks coming mainly from improving non-interest income and higher loan growth, which it says is partly offset by higher operational expenditure expectations. 

State-run lenders Vakifbank and Halkbank are seen having lower provision and capital buffers than their private peers, along with high levels of dependence on lira funding.

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