Leading Brokerage Firm Places "Buy" On Midcap Public Sector Bank Stock For 44% Upside

Ajcon Global Services has a "Buy" on Bank Of Maharashtra, a Public Sector Bank. The brokerage has assigned a target price of Rs 37.75 apiece, implying an upside of up to 44%. Bank of Maharashtra is a midcap public Sector Bank, under the Govt. Of India. It has a market capitalisation of Rs 17,734.86 crore. Check below to know more:

Bank of Maharashtra Stock Performance & Returns

The current market price of Bank Of Maharashtra is Rs 26.35 apiece on NSE, down 2.04% as compared to its previous close. Its 52-week high is Rs 36.25 apiece and 52-week low is Rs 15 apiece, respectively. The stock has fallen 3.48% in 1 week, and 15.81% in the past 1 month, respectively. It has given 39.05% positive return in 1 year. In the past 3 years, it gave 129.13% positive return. In the past 5 years, it gave 56.85% positive return.

 

Buy for a target price of Rs 37.75/share, Says Ajcon Global Services

The brokerage said, "At CMP of Rs. 26.90, the stock is valued at a P/BV of 1.43x (Book Value per share as on 9MFY23 ‐ Rs. 18.87) which we believe is undervalued considering the strong fundamentals of the Bank. After a strong turnaround and overall transformation in the last few years, we expect the Bank to reach the next orbit in the coming years. We recommend a "Buy" with a target price of Rs. 37.75 (P/BV multiple of 2x at 9MFY23 Book Value of Rs. 18.87 per share, which we believe will go further up in FY23 post FY23 audited results."

 

Disclaimer

The stock has been picked from the brokerage report of Ajcon Global Services. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.