Brokerages bullish on Bandhan Bank with 49% rise
By Aditya Raghunath
Investing.com – For the quarter ended June 2021, Bandhan Bank Ltd (NS 🙂 reported total income of Rs 3,943.37 crore, up 15.82% from the corresponding quarter last year, when he reported total income of Rs 3,404.84 crore . It reported net profit of Rs 373.08 crore in the June 2021 quarter.
The action closed at Rs 300.85 today. The stock has fallen 6.73% in the past month, but brokerage firms are bullish on the stock.
Motilal Oswal (NS 🙂 has a target of Rs 330 on the stock with a call to buy. He said Bandhan Bank reported a higher than expected PAT despite higher provisions for slippages due to the second pandemic wave and loan waivers. Its collection in the portfolio of MFIs (micro-finance) amounts to 86% in total and 85% for West Bengal.
Goldman Sachs (NYSE 🙂 has a target of Rs 447 for the stock with a call to buy. However, the brokerage firm removed the title from its condemnation list. He said short-term macroeconomic uncertainty can impact short-term performance.
JP Morgan has a target of Rs 390 on the action. He says even though asset quality shows increasing stress, he expects it to bottom out by September.
Bernstein has a target of Rs 420 for the stock. He said he was satisfied with the detailed information on the bank’s strategy.