Reliance Securities has maintained 'Buy' on DCB Bank with target price of Rs 139 in its report.

Commenting on the investment rationale, the stock broker said, ''For 4QFY15, deposits, borrowings and advances growth continued to mark an uptrend, indicating sanguine business environment for the bank. Since its 4Q result in mid-April, the stock has outperformed the Nifty by ~19% (DCB up ~13% v/s Nifty down ~6%).

Going forward, with visible improvement in economic outlook along with subsiding worries over growth, we believe DCB Bank is well-poised to enter the next leg of growth. At the current juncture, despite the recent run-up in the stock price, upside risks to our estimates remain as management is capable of delivering better results over the medium-to-long-term. We expect its valuation to move towards better rated new private sector banks. Thus, we maintain our Buy on the stock with a target price of Rs 139.''

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