Buy Axis bank, target of Rs 759: Angel Broking
Angel Broking has maintained its buy rating on Axis Bank with a target price of Rs 759 in its March 26, 2009 research report. “Axis Bank had been gradually re-rated from sub 1x P/ABV multiples up to April 2003, with a median P/ABV of 2.8x since April 2007, as the market continued to recognise and reward its transformation into a strong Private Sector Bank with an attractive potential for wealth creation.
At current valuations, the stock is once again trading at sub 1x P/ABV multiples on exaggerated concerns regarding asset quality and top management continuity, which we believe offer substantial margin of safety even based on our worst case sensitivity analysis. We maintain a Buy on Axis Bank, with a target price of Rs 759, implying an upside of 91%,” says Angel Broking’s research report.
Tags: angel broking, axis bank, calls, daytrading, free calls, intraday, tips
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