Buy YES Bank Ltd., target Rs 1590.0 : Bank of America Merrill Lynch

Bank of America Merrill Lynch has Buy call on YES Bank Ltd. with a target price of Rs 1590.0. The current market price of YES Bank Ltd. is 1237.75. Time period given by analyst is year, when YES Bank Ltd. price can reach defined target. Despite the recent deferment of capital raise, BofAML believes, fundamentally, nothing has changed. The bank has been working for some time now on ‘retail’izing the model. To that end, we believe it has achieved a fair amount of success, with rising granularity of balance sheet. Asset quality continues to remain comfortable with sufficient buffers in place.