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PNB shares at Rs 72? What made JPMorgan upgrade PSU bank to overweight?

PNB shares at Rs 72? What made JPMorgan upgrade PSU bank to overweight?

JPMorgan said it upgraded PNB from a long standing Underweight to an OW after the company’s September quarter disclosures show that net slippages have got into negative territory and recovery momentum outpaced new non-performing loan (NPL) creation

Amit Mudgill
Amit Mudgill
  • New Delhi,
  • Updated Dec 12, 2022 9:38 AM IST
PNB shares at Rs 72? What made JPMorgan upgrade PSU bank to overweight?Provisions, JPMorgan said, are largely related to back book (net NPL 3.8 per cent, restructured 1.7 per cent), which are higher than SBI and Bank o Baroda's and the market will likely look through it via a one-time book value adjustment

Foreign brokerage JPMorgan has upgraded Punjab National Bank (PNB) to Overweight, increasing its target to Rs 72 from 34 earlier. The price target suggests a 28 per cent potential upside ahead for the PSU bank stock.

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Published on: Dec 12, 2022 9:37 AM IST
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