Axis Bank has target of Rs 1734: Devang Mehta

Axis Bank has target of Rs 1734, says Devang Mehta of Anand Rathi Financial Services. Mehta told CNBC-TV18, “We do like Axis Bank a lot. It is currently is correcting because it had run up a lot because of the result expectations. The results except for the NIMS seemed to be robust, fee income was great, and credit growth also was quite good. In fact we have re-rated the stock and we do have a fundamental price target of Rs 1734 for a one year horizon and any dip in the counter would be an opportunity to buy for longer-term investors."

The company touched its 52-week high Rs 1,608.00 and 52-week low Rs 1,221.00 on 14 Oct, 2010 and 27 May, 2010, respectively. Currently, it is trading -14.26% below its 52-week high and 12.91% above its 52-week low. Market capitalisation stands at Rs 56,599.90 crore.