Tuesday, 4 November 2008

Buy Bank Of Baroda, target of Rs 310: Emkay Global

Emkay Global Financial Services has maintained its buy rating on Bank Of Baroda with a target of Rs 310 in its November 3, 2008 research report. "Bank of Baroda (BOB) reported a net profit of Rs 3.9 billion, marginally ahead of our expectation driven by higher NII and fee income growth coupled with lower operating expenditure. The growth in NII at 15.5% to Rs 11.3 billion was inline with expectations. The growth in NII was led by healthy advances growth."

"We have revised our estimates for FY09 and FY10 by 14% each to take into account robust Q2FY09 numbers. The stock is currently quoting at 4.5x its FY10E EPS and 0.6x FY10E ABV. The bank is likely to report a RoE of 15.0% for FY10E. We maintain our BUY rating on the stock with a price target of Rs 310," says Emkay Global Financial Services' research report.

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Source: Moneycontrol

Posted by Harsh at 09:52

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