Anand Rathi issued Buy call on Yes Bank. The stock broker recommends buying stock  for a target price of Rs 735 against market price of Rs 595.

Commenting on the investment rationale, the stock broker said, "While we expect a 23.5% CAGR in credit over FY14-16e, the bank’s incremental focus is likely to be on retail products, primarily mortgages, loan against property, commercial vehicle and construction equipment. Over the past three years, the bank has set the foundation for strong growth in retail banking by strengthening its retail assets team; continuously expanding branch network and building robust risk management systems and processes. With a customer base of 1m in FY14, 572 branches in Jun’14 and an improving macro-environment, the bank is well placed to achieve its retail advances target of Rs15 billion (~3% of loans) by end-FY15e from Rs 8 billion currently."

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