Afrinvest Adjust Price Target on Access, FBNH, Others
Investment banking analysts at Afrinvest Limited have adjusted price target on Nigerian deposit money banks (DMBS), details from the investment banking firm’s stock recommendation revealed.
For most of the Tier-1 lenders, analysts shifted their price expectations upward while their ratings on the tickers range from buy to accumulate.
Afrinvest has Accumulate rating for Zenith Bank Plc on expectation that its upside potential is above industry average, though analysts advised cautious portfolio positioning.
Zenith bank target price increased to N42.90 from N41.70 after negative run off in the local bourse last week. The investment banking firm spotted 14.4% upside potential in Ajose Adeogun headquartered financial services group.
On Access Holdings PLC., analysts expect 35.6% upside potential after more than 17% negative return from the beginning of the year to date. Afrinvest increased Access Plc’s target price from N22.79 to N26.04 per share on expectation that the group earnings would come strong.
Rated buy, UBA has 36% upside potential after it target price was raised to N30.61 per share in the market from N20.75. UBA has best dividend yield of 12.39% in the banking sector, according to Afrinvest Limited figures.
After its successive price decline, FBN Holdings has highest upside potential in the equities market, according to Afrinvest stock recommendation for the week. FBN Holdings price target was shifted to N29.67 per share from N28.70 previously estimated.
Based on Afrinvest figures, FBNH has worst dividend yield and has lost more than 11% of its market value from the beginning of the year to date. The rapid selloffs on the elephant branded financial services Group, however, created fresh entry points for investors.
The court has ordered the group not to hold its annual general meeting over case filed by one of the disgruntled shareholders and it rough patch with Barbican Capital while there is an allegation that its erstwhile chairman, Oba Otudeko played fraud game while leading the bank. #Afrinvest Adjust Price Target on Access, FBNH, Others
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