PNB(Punjab National Bank)
12.12.2022 - JpMorgan on PNB Maintain Overweight CMP 58.15 Target 72
03.11.2022 - JpMorgan on PNB Maintain Underweight CMP 41.45 Target 34
02.11.2022 - MS on PNB Maintain Equal-Weight CMP 39.1 Target 40
29.09.2022 - CLSA on PNB Maintain Outperform CMP 35.55 Target 40
12.05.2022 - MS on PNB Maintain Equal - Weight CMP 33 Target 41
28.01.2022 - MS on PNB Maintain Equal-Weight CMP 41.15 Target 53
CLSA ON PNB : 08.06.2021
* Upgrade PNB to Outperform from Sell, Target at Rs 47/share
* Asset quality outcome weaker vs peers
* PNB to benefit from turning corporate cycle
* PNB's hit from the last corporate cycle was the highest
* Prefer SBI/ICICI/Axis (30-50% upside)
CLSA ON PNB
* UPGRADE OUTPERFORM TARGET: 47
* CLSA upgrades PNB to Outperform from Sell, but given low RoE expectation, prefers SBI, ICICI & Axis
* Turning Corporate Credit Cycle Will Benefit Co As Well
* Will End The Vicious Cycle Of Losses/Dilution Seen Over FY15-20
* Given Low RoE Expectation, We Prefer SBI/ICICI/Axis