Buy Axis Bank: target of Rs 900: Sharekhan
Sharekhan is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 900 in its research report dated April 27, 2021.
June 09, 2021 / 06:29 PM IST
Sharekhan's research report on Axis Bank
Axis Bank results for Q4FY2021 were strong with operational results ahead of expectations. Asset quality improved sequentially compared to proforma GNPA/NNPA and is a key positive. The front-loading of provisions of previous quarters showing good results, hence there was sequential decline in provisions which indicates well-placed asset quality. Bank’s coverage ratio stands at 120% of GNPA. Management’s commentary on growth and asset quality for FY2022E offers confidence; the stock trades at 2.2x/2.0x its FY2022E/FY2023E ABVPS.
We maintain a Buy rating on the stock with an unchanged PT of Rs. 900.
For all recommendations report, click here
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