Equities research analysts at Cowry Asset Limited have issued a buy recommendation for Zenith Bank Plc, projecting an upside potential of nearly 40% for the local lender with international authorization.
The investment firm has set a price target of N67 for Zenith Bank, significantly higher than its current market price of N47.80, recorded at Friday’s closing. This projection represents a 39.58% growth potential, as investors await the bank’s earnings report. Notably, Zenith Bank’s stock has peaked at N52 within the last 52 weeks.
Zenith Bank has consistently delivered strong dividend payouts and year-on-year earnings growth, cementing its position as a top performer in Nigeria’s banking sector. Analysts expect even stronger earnings in 2024, with the potential for a higher-than-expected final dividend.
Following its successful capital raise, the Nigerian Exchange (NGX) has re-rated Zenith Bank’s market value close to N2 trillion. Stockbrokers anticipate a surge in demand for the bank’s shares upon the release of earnings results and dividend announcement.
