ECONOMY

Fourlis price target cut to 7 euros

Proton Bank slashed its price target on Fourlis Holdings, the second brokerage to do so this week, after the group reported weak earnings figures amid a deepening recession. Fourlis, the Greek franchisee for furniture maker IKEA, reported a 76 percent drop in nine-month net profits to 5.5 million euros, including one-off taxes. Proton Bank reduced its price target on Fourlis to 7 euros, from 7.60 euros, citing an «extremely» weak retail market and its impact on profit figures. «Despite being well positioned and well managed… Fourlis will be unable to outperform the general index as long as economic woes hurt consumer behavior and disposable income,» said Proton Bank in a note. It also lowered its rating on the share to neutral. On Wednesday, Piraeus Securities reduced its price target on Fourlis to 6.40 euros from 7 euros. Shares in Fourlis have given up 24 percent in the last 30 days versus a 12 percent drop on the broader market.