Monday, 17 August 2015

BoB up 15%; Morgan Stanley raises target on new management

Shares of Bank of Baroda  soared 15 percent intraday on Monday riding high on Indradhanush, the seven-pronged PSU banks' revival plan. 

Bullish Morgan Stanley says it's a game changer for Bank of Baroda to get private sector CEO and Chairman. The brokerage has has upgraded BoB to overweight from underweight. 

It almost doubled target price to Rs Rs 240 (30 percent upside) from Rs 130 per share expecting a re-rating as the market will likely perceive BoB as a quasi private bank.

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