Brokerages upbeat on City Union Bank
City Union Bank (CUB) after the better-than-expected second-quarter results.
The price targets imply a 1-19% rise in the stock over its Tuesday closing price of ₹168.5. City Union Bank shares rallied 11.9% on Tuesday in a weak market in response to the September quarter earnings.
«A better-than-expected quarter across metrics-growth, profitability and asset quality,» said Investec in a client note.
«While this is the first quarter for all the three metrics to show improving trends, the bank is in a favourable cycle on the AQ (asset quality) front due to its secured nature.»
«Further re-rating will be conditioned on smooth transformation of bank into a retail cum SME bank and the management transition,» said Emkay Global.
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