Limited Upside: Analysts Go Neutral on Wema Bank Stock
A slew of equity analysts have become neutral on Wema Bank Plc shares due to slim upside potentials. Wema Bank Plc share price settled at N8.85, trading at more than 29% discount to its 52-week in the equities market on Friday.
For investors trading highs and lows, the bank has delivered strong returns from the beginning of the year to date in the banking sector.
Last week, Wema Bank Plc’s share price was flat for most of trading sessions in the equities market, but it eventually gained 35 kobo on Friday from N8.50 at the beginning of the week.
In their separate stock recommendation reports, Atlass Portfolios Limited and Afrinvest Securities Limited estimated limited upsides. Against its 52-week high of N12.50, Atlass Portfolios analysts set N10 as the target price for Wema Bank Plc and advised holding on the stock.
In its latest stock recommendation report, equities analysts at Afrinvest Securities Limited increased their target price for Wema Bank Plc to N9.13 kobo from N6.09 per share, showing 3.2% upside potential
Wema Bank has seen about a 60% year-to-date return due to the rally that followed its rights issue offer. #Limited Upside: Analysts Go Neutral on Wema Bank Stock FG, Brazilian Company Sign MoU to Boost Agribusiness
