Jefferies Upgrades Emirates NBD to Buy After Q3 Earnings; EPS Forecasts Raised

07:54 AM EST, 11/10/2026 (MT Newswires) -- Jefferies upgraded its rating on Emirates NBD Bank (DFM:EMIRATESNBD) to buy from hold amid changes to its model drivers following the lender's third-quarter earnings report. "ENBD led in Q3 loan growth (8%qoq/24%yoy ex-Turkiye, India) and raised loans guidance 5-7pp. This is backed by a sector-leading 147% LCR and provisions/loans ratio of 2.9%, among the highest in MENA banks," analysts said in a Tuesday note focused on banks in the United Arab Emirates, lifting the price target to 37.50 Emirati dirhams from 34 dirhams. "With much of the M&A-related capital pressure now absorbed, we expect post-div CET1 to recover from 12.9% 26E to 13.3% by 28E. ENBD also possesses higher sensitivity (albeit reduced) to rising rates than peers. With investor attention broadening beyond Abu Dhabi banks, improving UAE liquidity, Turkiye macro normalization, effective India execution and improving disclosures all offer further upside." Against this backdrop, the research firm also raised its EPS forecasts for 2027 and 2028 by 9% and 11%, respectively, to 4.26 dirhams and 4.75 dirhams, while leaving the 2026 estimate unchanged. The research firm also highlighted the "more favorable" trajectory regarding Emirates NBD's return on tangible equity, compared with its previous assumptions, with ROTE expected to average 17% over the 2026 to 2028 period.