http://www.bloomberg.com/news/2014-02-28/irish-bankers-vow-this-time-it-s-different-after-bust-mortgages.html Discusses how BOI and AIB are starting to lend for commercial RE. Still early in the recovery.
If IRE starts paying $2-$3/shr. annually, my sell target would definitely change. I am guessing that Ireland is still in the 2nd or 3rd inning of it's recovery and my guesses are as accurate (or inaccurate) as the $$$$$$ professionals. We would all love to see $30/shr. for IRE and even a $1/ADR dividend, for a 3.3% yield.
Tangible Book Value: Assets - Goodwill (and any other intangible assets) - Liabilities. Divide tangible book value by market capitalization to get the ratio. The old rule of thumb with banks was to "buy at book and sell at twice book". Using this rule of thumb, would give a sell target for IRE of around $30/share.
I would like to dream about $50-$60/shr., but I must agree with equitrder. The peak market cap. for BOI was $21.8B in Q1 2007. Given the current $12.5B market cap., an ADR price of $28.91 would correspond to BOI regaining it's peak market capitalization. This would require a strong Irish economy, but given the potential for a continuation of the strong rebound in the Irish housing market, it is entirely possible.