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Jul 12, 2012, 08.23 AM IST
Bank of America-Merrill Lynch reiterates its "buy" rating on ICICI Bank and raised its price objective to Rs 1,200 from Rs 1,075.
BoA-ML says it met with Chanda Kochhar, CEO of the India's biggest private lender, and said asset quality may be "much better than expected" and could lead to a "re-rating of the stock." "High" tier-I capital also positions ICICI Bank well for potential regulatory changes, and adds lender may not see a "marked rise" in restructured loans. BoA-ML says expects a 15% rise in gross non-performing loans versus an earlier forecast of 25% increase, and says ICICI is "better positioned" to manage credit cycle due to its high share of retail loans and low percentage of SME loans.
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