ICICI Prudential Life: Stock gains 36% in 3 months, most brokerages raise target prices; heres why
ICICI Prudential Life share price: Shares of ICICI Prudential Life Insurance Company rose as much as 4.5 per cent to Rs 598.45 apiece on the BSE in the morning trade on Monday (July 10).
ICICI Prudential Life share price: Shares of ICICI Prudential Life Insurance Company rose as much as 4.5 per cent to Rs 598.45 apiece on the BSE in the morning trade on Monday (July 10). The stock gained as global brokerage Jefferies gave a buy call on the stock with a target price of Rs 700. It eventually ended at Rs 595.70, up 4 per cent on the BSE.
Apart from Jefferies, other global brokerages, too, have upgraded the stock between April and June. For instance, CLSA has a BUY call on the stock. The target price has been revised upward to Rs 700 from Rs 575 earlier. CITI has a buy rating. The target price has been raised to Rs 640 from Rs 620 earlier. Nomura has also given a buy call with a target price of Rs 650, while Morgan Stanley has a target price of Rs 600. It has also given a buy call on the stock.
These aside, Macquarie is neutral on the stock. The target price has been set at Rs 486. Goldman Sachs is also neutral on the stock. However, it raised the target price of the stock to Rs 490 earlier. JP Morgan has initiated coverage with a neutral rating. The target is set at Rs 480.
ICICI Pru Life: Why brokerages are bullish
According to Zee Business Research, most brokerages are bullish on the stock as the company's business is witnessing better growth. In June, the premium growth was 12 per cent - the highest in 13 months. Further, the company's distribution is also seeing a recovery. Additionally, there is a hint of bottoming out in both stock and businesses. The research desk also notes that the stock will benefit from the new CEO. Anup Bagchi took charge of the company as MD and CEO on June 19, 2023.
ICICI Pru Life share price
Over the past three months, the company's stock has risen 36 per cent, Trendlyne data show. The stock of the company was listed on September 29, 2016.
About ICICI Prudential Life
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life began its operations in the fiscal year 2001. Its assets under management (AUM) as of March 31, 2023, were Rs 2,511.91 billion, as per the company's website.
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