Bank of Baroda gains post Q3 results; Morgan Stanley maintains Equal Weight
Morgan Stanley maintains an Equal Weight rating on the Bank of Baroda with a 12-month target price of Rs 195 which translates into an upside of nearly 25 percent from the current level.
Bank of Baroda rallied over 6 percent in morning trade on Monday after the public sector bank reported a sharp increase in net interest income (NII) even though the net profit for the quarter ended December 2017 slipped by over 50 percent.
Public sector lender Bank of Baroda on Friday said that profit in the third quarter fell sharply by 56 percent to Rs 111.8 crore, dented by higher provisions but supported by net interest income and operating income.
Reacting to the results, Bank of Baroda was trading 5.4 percent higher at Rs 164.95 at 09:40 am.
Brokerages maintain their rating for Bank of Baroda post Q3 results and see up to 25 percent upside in the next 12 months.
Morgan Stanley maintains an Equal Weight rating on the Bank of Baroda with a 12-month target price of Rs 195 which translates into an upside of nearly 25 percent from current level.
Motilal Oswal maintains a buy rating on the stock with a target price of Rs 185. The NII growth led by traction in loan growth, improvement in domestic CASA mix, slower growth in low-margin international business and improvement in asset mix.
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