PNB Housing Finance down 3%; JPMorgan maintains underweight with potential downside of 25%
Share price of PNB Housing Finance slipped 3 percent as foreign broking house JPMorgan has maintained underweight call on the stock.
It has kept target of Rs 1,050 with a potential downside of 25 percent. JPMorgan believes that book risk are contained and company do need monitoring given the state of real estate market. The near-term catalysts remain on the announced stake sale. Transaction price at will be key and expect stock volatility to be high, said JPMorgan.
The share touched its 52-week high Rs 1,715.30 and 52-week low Rs 1,051.00 on 30 August, 2017 and 22 June, 2018, respectively. Currently, it is trading 20.54 percent below its 52-week high and 29.69 percent above its 52-week low. At PNB Housing Finance was quoting at Rs 1,367.05, down Rs 24.10, or 1.73 percent on the BSE.