Yes Bank shares drop 4% after Q1 results. What are Nuvama, other brokerages saying?

Yes Bank shares fell 4 percent after its Q1 FY27 results, with net interest income rising about 17.5 percent year-on-year to Rs 2,786.46 crore but provisions surging 39 percent YoY to Rs 394 crore. Gross NPA ratio stood at 1.3 percent and net NPA at 0.2 percent, with NPAs rising sequentially from the March quarter. Brokerages Nuvama and JM Financial both maintained a Reduce rating with a target price of Rs 22, citing weak core profitability, moderating SR recoveries, and uncertainty around AT1 bond write-off and potential SMFG stake increase.