JM Financial upgrades Canara Bank to Buy, raises target to ₹150
In short
JM Financial upgraded Canara Bank to Buy from Add and lifted its target price to ₹150 from ₹142. It said the stock looks cheap and the bank’s fundamentals are improving.
This matters for Canara Bank shareholders because the brokerage became more positive on the stock. The report does not say why the shares fell 7% or whether the upgrade changed trading that day.
What the reporting says
JM Financial upgraded Canara Bank to 'Buy' from 'Add' and raised its target price to ₹150 from ₹142, according to the publisher-supplied summary. The note cites cheap valuations and improving fundamentals as the reason. The immediate market reaction is not stated in the available reporting, and the link to the reported 7% share drop is not confirmed by the source provided.
Why it matters
The source says JM Financial turned more positive on Canara Bank, upgrading it to Buy and lifting the target price to ₹150 from ₹142. The stated reasons are cheap valuations and improving fundamentals. This is relevant for investors in Canara Bank, but the reporting does not confirm the cause of the day’s share-price move or any operational event behind it.