UBS has upgraded Bank of Baroda to a 'Buy' rating, raising the target price to Rs 290 from Rs 270, citing a stable outlook and attractive valuations. The bank is expected to see loan growth of 12% from FY25 to FY27, with modest NIM compression, positioning it favorably against private sector peers. Despite a 12.20% decline in shares over the past year, recent momentum has seen a 20.66% surge in the last month, with the stock trading at Rs 236.50.