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Buy Axis Bank; target of Rs 970: ICICI Direct

ICICI Direct is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 970 in its research report dated October 27, 2021.

October 28, 2021 / 02:00 PM IST
 
 
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ICICI Direct's research report on Axis Bank

Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 10.5 lakh crore as on September 2021. The bank has a large footprint across India with 4679 branches Retail and SME comprise ~66% of total loans

Outlook

We retain our BUY rating on the stock We value Axis Bank at ~2.4x FY23E ABV and revise target price at Rs 970 from Rs 900 earlier.