By BizWatch Nigeria Desk | September 10, 2026
Key Points
- Cowry Asset Management identified Access Holdings, Dangote Sugar, Fidelity Bank, HBM Nigeria and Zenith Bank as stocks with upside potential
- Access Holdings and Fidelity Bank carry the highest projected upside at 40%, based on the investment firm’s target prices
- The recommendations include target prices, early profit-taking levels and stop-loss levels for investors
Main Story
Cowry Asset Management Limited has identified five Nigerian Exchange-listed stocks with potential upside of between 28% and 40%, based on its stated reference prices and target valuations.
Access Holdings has the highest projected upside at 40%, with Cowry setting a target price of ₦42.07 against a reference price of ₦30. The firm placed an early profit-taking level at ₦34.56 and a stop-loss level at ₦25.54.
Dangote Sugar Refinery carries a projected 36% upside, with the stock referenced at ₦72 and a target price of ₦97.92. Cowry set an early profit-taking level at ₦82.80 and a stop-loss at ₦61.20. The stock’s stated 52-week high is ₦95.80.
Fidelity Bank also carries a 40% projected upside, based on a reference price of ₦20 and a target price of ₦27.20. Cowry’s stated early profit-taking level is ₦22.43, while the stop-loss level is ₦16.58.
For HBM Nigeria Plc, Cowry projects a 30% upside from a reference price of ₦345 to a target price of ₦464.10. The firm placed the early profit-taking level at ₦410.55 and the stop-loss level at ₦303.45. The stock’s stated 52-week high is ₦389.
Zenith Bank has a projected 28% upside, with Cowry setting a target price of ₦163.20 against a reference price of ₦128.60. The bank’s stated early profit-taking level is ₦146.63, while the stop-loss level is ₦108.38.
The recommendations are market views rather than guaranteed returns. Actual performance will depend on earnings, market liquidity, investor sentiment and broader economic conditions.
What’s Being Said
Cowry Asset Management’s recommendations indicate that the firm expects selected financial, consumer and industrial stocks to appreciate toward their estimated target values.
The report’s price levels provide investors with three reference points: the stated target price for the projected upside, an earlier profit-taking level for investors seeking shorter-term gains and a stop-loss level intended to limit losses if the trade moves against them.
The recommendations were published in a market report reproduced by MarketForces Africa, which identified Cowry Asset Management as the investment firm behind the stock calls.
What’s Next
- Investors will track the five stocks against Cowry’s stated target, profit-taking and stop-loss levels
- Subsequent company earnings and corporate disclosures could influence whether the projected valuations are reached
- NGX market liquidity, investor sentiment and broader economic conditions will remain important to the stocks’ performance
Bottom Line
The Bottom Line: Cowry’s recommendations point to significant valuation upside across selected NGX equities, particularly Access Holdings and Fidelity Bank. However, the projected returns are estimates, not assured gains, making the stated stop-loss levels and underlying company fundamentals important considerations for investors.
