Shares of Bank of Baroda surged to their highest level in 4-1/2 years on Monday after reporting a record quarterly profit in late September. Analysts at the brokerage raised their price target on the second-largest public sector lender.

BoB shares rose nearly 12% intraday on the NSE to close at Rs 158.25 per share on Monday, up 9.48%. Overall, analysts have set a price target of Rs 180.44 per share over the next 12 months, implying a 14% upside from current levels.

CLSA raised its target price to Rs 185 (previously Rs 155), while Morgan Stanley, Citi and Macquarie set new targets after raising their earnings forecasts for this year and next. Investec and JP Morgan also raised their target price to Rs 200.

Domestic brokerage IIFL Institutional stock remains bullish, with a target price of Rs 210. More than 150 million shares were traded on the BSE and NSE, compared with an average daily volume of 50 million shares on both exchanges last month.

Motilal Oswal has a new target price of Rs 175, while JM Financial raised the target to Rs 165 per share.
“We are raising our earnings forecasts for FY23e and FY24e by 12% and 14%, respectively, due to better-than-expected loan growth, strong operating results and stable asset quality,” JM Financial said in a note to clients.