MARKET EYE-BoA-ML names Union Bank top Indian govt lender

Mon Nov 5, 2012 1:29pm IST

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* Bank of America-Merrill Lynch upgrades Union Bank of India
 to 'buy' from 'underperform' after the state-run
lender reported a surge in July-September earnings on Friday.
 
* BoA-ML says "asset quality was far better than expected," and
adds: "We believe the worst is behind us."
* The investment bank calls Union Bank its top pick among
government-run banks, says earnings to improve on the back of
lower credit costs, while margins are showing signs of
stability.
* BoA-ML also raises its price objective on the stock to 270
rupees from 175 rupees.
* Union Bank shares down 1.4 percent at 220.00 rupees as of 0758
GMT after surging 15.7 percent over the previous three sessions.
  

 (manoj.dharra@thomsonreuters.com)
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