Buy Andhra Bank, target of Rs 155: Hem Securities

Hem Securities has come out with a research report on Andhra Bank. The research firm has recommended buying the stock with the price target of Rs 155 in medium term.

"At the current price of Rs 117, the Bank is trading at 6.01times to its TTM EPS of Rs 19.45. The bank has posted whopping results for quarter ended Sept’09. With the plans of strengthening its network and customer base while focusing on further enhancement in the customer service through innovative products and services, bank will continue to leverage technology for an all-round performance. Looking at the strong financial performance, the bank looks undervalued at the current price of Rs 117. Hence we recommend investors to buy the stock with the price target of Rs 155 in medium term which is 32% above from the current price of Rs 117", says Hem Securities.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment