Macquarie Upgrades Yes Bank to Outperform

Macquarie Equity Research has upgraded Yes Bank rating to Outperform. The research firm said in its report that Yes Bank's stock has been underperforming for the last 3 months. It considers the current levels of the stock to be a good opportunity to accumulate.

The rating of the stock has been upgraded to Outperform with 12-month target price increased to Rs.415 from Rs.380. The 12-month target price has been arrived based on Gordon growth methodology.

The catalyst to rating upgrade is strong growth in profit and greater traction on CASA deposits.

The stock is currently trading below its historical average valuation and trades at 1.6x FY14E P/BV and it is one among Macquarie's top picks in the financial space.

Source : Equity Bulls

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