Investors looking at Attijariwafa Bank shares have been given a more optimistic outlook, with BMCE Capital Global Research (BKGR) expecting the stock to gain nearly 35%. BKGR has issued a “buy” recommendation on the bank and set a target price of 932 dirhams, compared with 691.1 dirhams on 23 September. That implies a potential upside of 34.9%.
The research firm based its valuation on the group’s share of net income, using a risk-free rate of about 2.94% and an equity risk premium of 6.5%.
The recommendation follows the bank’s first-half results.
Outstanding loans rose by 3.7% in the first six months of 2026 to 464.3bn dirhams, while consolidated deposits reached 553.8bn dirhams.
Net banking income increased by 4% to 18.4bn dirhams. BKGR said the growth was supported by higher interest margins and commission income.
For the full year, BKGR expects net banking income to reach 37.1bn dirhams, up 6.3%. It forecasts outstanding loans at 481.5bn dirhams, an increase of 7.5%.
Attijariwafa Bank is the country’s largest banking group and has operations across several African markets. Its shares are listed on the Casablanca Stock Exchange.
The latest valuation comes as analysts update their forecasts following the release of banks’ first-half results.
