union bank of india (citi) 4Q11 Results: Margin Surprise

4Q11 profits were flat yoy, but better than expected; P&L: NIMs hold, trading gains surprise, but offset by high employee costs; Balance sheet: Back-ended growth, funding under some pressure; Stock has underperformed, but near-term headwinds likely to cap valuations
Date Rating Target Price Recommendation Price Broker house
9 May 2011 sell 325 319 citi Report

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