Erste, Raiffeisen targets cut at Goldman on Hungary, bad debt

Erste Group Bank AG and Raiffeisen Bank International AG had their price targets cut at Goldman Sachs Group Inc. due to expected losses in Hungary and a slower bad debt recovery, according to a note by analysts led by Heiner Luz.

Erste’s price target was lowered 22 percent to 35 euros, while Raiffeisen’s was reduced 17 percent to 34 euros. Goldman kept Erste on its “Conviction Buy” list, and left Raiffeisen’s “neutral” rating unchanged.