“Bullish on PNB Housing Finance, raising its price target to ₹1,405 from ₹1,250, implying a 26% upside. This outlook is based on expected disbursement growth pickup in FY27, healthy asset quality, and increased EPS forecasts (17-20% CAGR FY27-29). The firm sees multi-year growth potential for these crisis-tested businesses, exceeding overall system credit growth.”