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U.S.-based global investment bank JPMorgan has evaluated the performance of Borsa Istanbul stocks, identifying its top recommendations.
In its assessment, the institution examined the impact of the disinflation process on consumer-focused companies and projected that inflation would decline to 26% by 2025.
According to the bank, companies such as BIM, Migros, Ford Otosan and Tofas face limited real earnings opportunities; however, they remain optimistic about valuation prospects.
"We believe valuation opportunities exist as these companies continue to offer approximately 40% discounts compared to 10-year averages and 30% discounts relative to international peers,” JPMorgan stated.
The bank highlighted its top picks, including BIM, Migros, Ford Otosan, and Arcelik, upgrading Migros to "overweight" while downgrading SOK and Coca-Cola to "neutral." Target prices were set as follows, with December 2026 as the target date:
Turkish Airlines' target price was maintained at ₺494 for December 2025, according to the bank.
JP Morgan also reflected on the challenging consumer environment and ongoing economic pressures, emphasizing that many consumer-focused companies will struggle to sustain growth by balancing price increases. It projected difficulties in maintaining stable margins in a dis-inflationary environment.
Despite potential interest rate cuts, tightening pressures are expected to persist in the first half of the year.
On the other hand, the insurance sector emerged as the top-performing industry in Borsa Istanbul over the past year, with its index rising an impressive 362%.
Fueled by strong financial performance, growing demand, and expectations of interest rate cuts paired with economic reforms, the sector is poised to maintain its upward trajectory.
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