Yes Bank hits record high; JPMorgan upgrades stock to 'overweight'
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Private lender Yes Bank shares touch all-time high of Rs 882 in the intra-day trade of Monday. This was the highest level the stock touched since it debut in 2005.
JPMorgan said that it has upgraded the private lender to 'overweight" from 'underweight'
The foreign brokerage has raises price target for the stock to Rs 950 a piece from Rs 650 earlier.
Macro environment turning incrementally positive, said, JPMorgan. The brokerage said, "The stock does remain vulnerable to a macro shock, but that appears an unlikely outcome, and we expect the momentum on the stock to continue."
"Easy liquidity and falling rates help low CASA funding base," it added.
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