Deutsche Bank maintains buy on Axis Bank; valuations are at lower than past 5-yr average
The company's valuations are at lower than the past 5-year average, says Deutsche Bank.
June 26, 2018 / 11:36 AM IST
Deutsche Bank has maintained buy rating on Axis Bank with a target of Rs 580 per share.
According to Deutsche Bank, the bank is entering a stronger and more durable growth environment. However, its corporate, SMEs and retail segment will remain strong, while NPLs have peaked.
The company management confident that worst of asset quality is now behind.
Its slippages to decline sharply, while normalised credit cost trends from FY20 onwards.
The company's valuations are at lower than the past 5-year average, it added.
The share touched its 52-week high Rs 627.50 and 52-week low Rs 447.80 on 23 January, 2018 and 23 October, 2017, respectively.
Currently, it is trading 17.75 percent below its 52-week high and 15.25 percent above its 52-week low.
At 11:28 hrs Axis Bank was quoting at Rs 516.10, up Rs 0.95, or 0.18 percent on the BSE.Posted by Rakesh Patil