Buy ICICI Bank; target of Rs 350: Axis Direct
Axis Direct is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 350 in its research report dated October 09, 2017.
Axis Direct's research report on ICICI Bank
We met the management of ICICI Bank (ICICIBC) to get insights of the business and outlook on asset quality. Overall loan growth will remain soft due to run-down of overseas portfolio (15% in Q1FY18 vs. 24% in Q1FY16) but robust growth in retail/SME will keep domestic loan growth strong. Decline in overseas portfolio should bottom out in Q3 while retail/SME should continue to grow at 15%+ in coming quarters.
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