“Upgraded Punjab National Bank (PNB) to 'Add' from 'Reduce' with an increased target price of ₹120, implying over 9% upside. The upgrade is based on healthy Q1 FY27 earnings, improved core operating performance, strengthening asset quality, and management's confidence in further margin improvement through FY27. Downside appears limited at approximately 0.8x FY28 P/BV.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%