Yes Bank has target of Rs 400: Jigar Shah

Yes Bank has target of Rs 400, says Jigar Shah, Sr VP and HOR, Kimeng Sec India.

Shah told CNBC-TV18, "Yes Bank numbers were in line with our expectation and they grew quite well both on year-on-year and quarter-on-quarter basis with net-interest Margin remaining unchanged. They are getting some kind of improvement on the loan yield and all this on a growing size is quite satisfying."
He further added, "We see another 35-40% growth for the company in the current year on the back of strong capital base with them as well as good branch expansion taking place. We are expecting them to deliver 32% earnings growth in the current year and we have set a target price of Rs 400 based on 3 times price to book. So we feel Yes Bank still has pretty good upside from the current level."