ICICI Direct has given Buy recommendation for Bank of Baroda with a target price of Rs. 115 in its research report issued on May 16, 2022

ICICI Direct’s research report on Bank of Baroda

Bank of Baroda is among leading PSU banks with a global loan book of ~Rs 8.1 lakh crore and has better operating metrics among PSBs. Pan-India presence with over 8168 branches • The bank has a meaningful presence in international operations with its JVs and subsidiaries. Also, ~13% of total business comes from overseas.

Outlook

We retain our BUY rating on the stock. We value the bank at ~0.65x FY24E ABV and revise our target price to Rs 115 per share from Rs 125 earlier.

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