Reiterated a 'BUY' rating on Punjab National Bank (PNB) with a target price of ₹135, based on 0.9x FY28E adjusted book value. The brokerage raised its earnings estimates by 8.5% for FY27 and 4% for FY28, projecting an FY27 RoA of 1.06% and RoE of 15.4%, citing controlled provisions, lower operating expenses, and improved margins.

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%

Punjab National BankBullishCalled 20 Jul 2026
Verdict:PENDING

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