JM Financial cuts Yes Bank target to ₹17 on AT1 ruling. JM Financial lowered Yes Bank's 12-month target price to ₹17 from ₹22, maintaining a 'Reduce' rating. The Supreme Court's October 15 verdict reinstating ₹8,400 crore AT1 bonds could hit profitability by Rs 6,300 crore post-tax and reduce CET1 capital ratio by ~230 bps to 11.4%. The brokerage now projects a net loss of ₹2,093 crore for FY27.