PNB share price rises 6% post Q1 results: Is there more upside likely?

Punjab National Bank (PNB) share price rose over 6% today (July 29) post Q1 results in which the lender reported highest-ever quarterly standalone profit of ₹3,252 crore. PNB saw an increase in interest revenue and a decrease of bad loans and net profit rose 159 per cent year on year.
Net interest income (NII) increased 10.2% to ₹10,476.2 crore in the first quarter of the current fiscal year from ₹9,504.3 crore in the same period last year.
PNB share price opened at ₹124.86 today almost 4% higher than previous close of ₹119.95. The bank’s share price continued to gain to intraday highs of ₹128.10.
Jefferies India Pvt ltd put a target price of ₹150 for the PNB stock indicating around 20% upside.

The brokerage said that it remains positive on lower slippages at 0.8% which though were offset by higher recoveries and it sees credit costs staying low for 1-2 years. Jefferies gave Punjab National Bank (PNB) share ‘Buy’ tag with target of ₹150.
Motilal Oswal Financial Services put target price for Punjab National Bank (PNB) at ₹135.