Our 12-month target price (TP) for ZENITHBANK is mostly unchanged at N30.23 (vs N29.86 in our previous publication). Our TP is likely to be supported by the bank’s strategy of accelerated retail penetration, which could combine with the passthrough from robust growth in interest-earning assets to amplify the impact of higher yields on earnings. We see scope for a capital appreciation of 32.3% and a dividend yield of 15.2% over the next 12-months. We retain a BUY recommendation on the ticker on the back of this projected upside and an implicit undervaluation by the market.