Even as elevated slippages play out (likely to continue) in accordance with earlier guidance, no further negative surprises on the asset quality should come as a relief to investors (although growth remains stunted). While underlying strategies at the bank have not shown a paradigm shift some change is visible, and return ratios will improve gradually. More importantly, most of the bad news has been priced in. Given the recent underperformance (and no fresh bad news), we UPGRADE TO BUY with a TP of Rs 87 (1.4x Jun-21E ABV of Rs 62). Elevated slippages (as guided) and stunted growth made for an in line qtr. With most of the bad news priced in (and no more of it expected), we UPGRADE TO BUY (TP of Rs 87, 1.4x Jun-21E ABV of Rs 62).