Global brokerages bullish on Bank of Baroda after Q1

Global brokerages bullish on Bank of Baroda after Q1

Performance Today : Outperformed Sector by 2.48%

Trend Reversal: Stock has gained after 3 days of consecutive fall

Open Gap Up: Stock opened with a gain of 2.24%

Price Increase with Higher Volumes: Price has risen by 3.01% and Vol has risen by 80.11% (Vol compared with 5 day avg vol till 02:00 PM)

Day’s High: Stock touched an intraday high of Rs 114.20 (4.24%)

According to Jefferies, the bank reported decent pre-provision operating profit and NIM/NII, though asset quality disappointed in Q1. The brokerage gas a buy call on the stock.

The public sector lender turned profitable in the June quarter after reporting net profit at Rs 710 crore post amalgamation against loss of Rs 49 crore in the year-ago quarter.

Brokerage: Jefferies | Rating: Buy | Target: Cut to Rs 130

Brokerage: CLSA | Rating: Buy | Target: Cut to Rs 135

Brokerage: Credit Suisse | Rating: Upgraded to Neutral | Target: Rs 115

In addition, the government-owned lender plans to raise Rs 6,000 crore by the end of the July-September quarter to boost capital adequacy and support growth.