Buy Andhra Bank, target of Rs 74: Karvy

Karvy Stock Broking has maintained its buy rating on Andhra Bank with a price target of Rs 74 in its april 6, 2009 research report.

“We revise Andhra Bank’s FY10 estimates mainly to factor in higher NPAs and restructured loans and much higher credit costs. Also incrementally, for FY10 we marginally reduce our estimates for fee income and increase operating overheads. For FY10, we reduce our earning estimates by 11.3% to Rs 5.24 billion from our earlier estimates of Rs 5.9 billion and reduce price target by 14.9% to Rs 74. We maintain our BUY rating on the stock; based on our target price the stock would trade at 1.05x adjusted book value FY10,” says Karvy Stock Broking’s research report.

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