CLSA raised price target to Rs 1,000 from Rs 890 earlier, implying 24 percent potential upside
Axis Bank shares gained nearly a percent intraday on July 4 after CLSA maintained buy call on the stock saying profit was expected to turn around in FY20.
The research house raised price target to Rs 1,000 from Rs 890 earlier, implying 24 percent potential upside. It sees an earnings recovery in FY20 as credit costs normalise.
Push for retail-term deposits will lift costs but recovery of written-off loans was impressive, it added.
The stock has rallied 58 percent in last one year. It was quoting at Rs 809.25, up Rs 2.95, or 0.37 percent on the BSE at 1020 hours IST.Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .