It is too early to buy Turkish assets, despite the rout in the lira and stocks that followed last week's failed coup, Renaissance Capital said in a report on Friday.
Instead, the emerging market-focused investment bank advocated investors look at Russia.
"In an environment (in Turkey) where it is tough to argue the worst is over, valuations alone need to justify any case to bottom fish. We suggest an oversold lira and 15 percent potential upside to historical lows is the target. We are not there yet on either count," analysts Michael Harris, Daniel Slater and Vikram Lopez said in the report.