Axis Direct is bullish on City Union Bank has recommended buy rating on the stock with a target price of Rs 147 in its research report dated November 24, 2016.
Axis Direct's research report on City Union Bank
CUB is currently trading at 2.3x FY17E P/ABV. The management targets credit growth of 15-18% in FY17E and 20% in FY18E; we expect credit growth at CAGR 16% for FY16-18E. We value CUB at FY18E P/ABV multiple of 2.25x to arrive at target price of Rs 147/share and maintain our BUY rating on the stock.
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