Jefferies forecasts 15% upside for Banco Comercial Português after Q2 earnings

Jefferies reiterated a "buy" rating on Banco Comercial Português (BCP) and set a target price of €1.24, up from the €1.08 closing price, implying roughly a 15% potential gain. The analysts highlighted BCP’s exposure to two of the EU’s fastest‑growing markets – Portugal and Poland – and said the bank is well positioned to deliver profitable growth.

Key drivers cited include an 8% rise in credit volume, strong corporate‑loan growth (+6% YoY in Portugal, +27% YoY in Poland), and an improving net‑interest‑income margin outlook through 2026‑27. The report also noted BCP’s return on equity is expected to climb from just over 15% today to about 21% by 2028, and that a possible exit of Fosun’s stake could be positive in the medium term.