SKP Securities has recommended a buy rating on Dhanalakshmi Bank with a price target of Rs 196 in its report dated October 9, 2009. The share closed at Rs 155.65, down Rs 2.1, or 1.33%.
"Dhanbank is an old private sector bank, which has now adopted a three pronged approach towards its transformation into a new age high growth bank: launch of innovative products and services, creation of a nationwide footprint and evolving a strong brand communication for its diverse customer base. We hereby initiate coverage on Dhanlakshmi Bank Ltd. and recommend buy rating with a target price of Rs 196 (24% upside) in 12 months implying 2.9x and 2.5x to adj. Book value per share of FY2010 & FY2011 respectively," says SKP Securities' report.
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