Initiated a Sell rating on Punjab National Bank with a target price of ₹103. The firm anticipates that gradual credit-cost normalisation and structurally lower core Pre-Provision Operating Profit (PPoP) margins will weigh on Return on Assets (RoA) progression for state-owned banks, including Punjab National Bank.

Goldman Sachs Analysis’s track record: 3 graded calls · 95% CI 21–94%

Punjab National BankBearishCalled 22 Aug 2026
Verdict:PENDING

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Tracking Punjab National Bank since this call

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