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Buy ICICI Bank, tgt Rs 1590: Prabhudas Lilladher
Prabhudas Lilladher has maintained buy rating on ICICI Bank with target price of Rs 1590. However, post the sharp correction witnessed in the last two days (down 11%), we feel the valuations at 16x FY10E EPS and 2x FY10E BV & 2.2x FY10E ABV is extremely attractive.
Prabhudas Lilladher has maintained buy rating on ICICI Bank with target price of Rs 1590 in its March 04, 2008 research report. "The surprise news of a total Rs 10 billion (USD 265 million) mark-to-market (MTM) provision related to sub-prime losses for ICICI Bank had a negative impact on the stock, which corrected by 5%. However, the bank has reiterated that it has no US sub-prime exposure and major portion of the expected provisions have already been provided for during 9MFY08."
"Expectations of higher MTM provisions have weighed heavy on the stock price. We feel that the stock is likely to remain subdued due to the ongoing negative global investment sentiment and news flows. However, post the sharp correction witnessed in the last two days (down 11%), we feel the valuations at 16x FY10E EPS and 2x FY10E BV & 2.2x FY10E ABV is extremely attractive. We maintain BUY recommendation on the stock with a reduced price target of Rs 1,590 (from Rs 1,654 earlier)," according to PRabhudas Lilladher research report.
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