New Delhi, Oct. 20 -- Domestic brokerage firm Systematix Institutional Equities has raised its target price on Union Bank of India to Rs.215 per share while maintaining its 'buy' rating on the stock, after the state-owned bank reported results that exceeded brokerage estimates.

"We value the standalone bank at 1.1 times its FY28E adjusted book value per share of Rs.196, based on a return on equity (RoE) profile of 16.2%, 15.8%, and 15.8% for FY27E, FY28E, and FY29E, respectively. Further, we assign a value of Rs.4.3 per share to its subsidiaries," the brokerage said.

Systematix Institutional Equities said Union Bank of India reported a standalone net profit of Rs.5,540 crore in Q2FY27, 5.3% above its estimate, marking a 3.8% quarter-on-...