Arihant Capital is bearish on Andhra Bank has recommended sell rating on the stock with a target price of Rs 37 in its research report dated February 13, 2017.
Arihant Capital's research report on Andhra Bank
Number of branches for the bank stood at 2872, of which 735 are present in rural areas, 762 in semi urban, 656 in urban & 719 in metro localities. ATMs/BNAs/CRs with bank stood at 3764. Total number of delivery channels as on Q3 FY 17 stood at 6674.At CMP, stock is trading at P/ABV of 3.1(x) on FY18E. We have Sell rating on the stock with fair value of Rs 37 at 1.5(x) P/ABV to FY 18E.
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