Shares in Allied Irish Bank were slightly higher in early afternoon deals, extending yesterday's results-fuelled gains, as Commerzbank upgraded the stock, dealers said.
The German-based brokerage Commerzbank is understood to have upgraded the stock to 'accumulate' from 'hold', citing valuation grounds.
Commerzbank said Allied Irish Bank's interim results presented little in the way of surprises, with first-half pre tax profit of euro 667 million coming in the middle of the market range of euro 654-675 million.
However, recent falls in AIB's share price has left the stock trading on a multiple of 10.8 times its projected 2001 earnings.
As a consequence, the broker raised its recommendation, but left its price target unchanged at euro 13.20.
Also in response to yesterday's results, HSBC repeated its 'add' advice up to euro 14.1, while at the same time trimming its current and next year earnings per share and pretax profit forecasts.
At 2.54 p.m, shares in Allied Irish Bank were up 15 centsat 12.34.
AFP