Morgan Stanley upbeat on ICICI Bank, sees Rs 320 gain per share

ICICI Bank is expected to improve its market share in high margin verticals and is a fit candidate for re-ratings over next few years, Morgan Stanley said in a note. This brokerage firm remains ‘Overweight’ on ICICI Bank stock estimating up to Rs 320 per share gains.

The bank derives its revenues majorly from retail banking, wholesale banking, treasury, life insurance and other banking and allied activities.   

The stocks was recommended at a price of Rs 931 with a target of Rs 1250. The upside is 34 per cent.

ICICI Bank shares were trading at Rs 931.55 on the NSE and were up 0.10 per cent from the last closing price.

Meanwhile, Jefferies has put a price target of Rs 1150 while maintaining a ‘Buy’ recommendation. In a note, analysts in Jefferies have highlighted bank’s focus on strategic initiatives and priorities including digitalisation and network expansion. Also, SME, supply chain financing, ecosystem & retail are focus segments for ICICI which augurs well for the private lender, it said.

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Recommendations by other brokerages

Goldman Sachs maintains a buy with a target of Rs 1075. The bank’s endeavours to put in place sustainable and profitable growth in future along with its ability to leverage growth opportunities are positives, this brokerage said.    

Macquarie has also put ‘Outperform’ rating with a price target of Rs 1050.

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The stocks have been trading mixed and have corrected from levels of Rs 952, giving opportunities to investors for buying on declines. The long term prospects for this stock remain strong according to brokerages and independent analysts.   

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)