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Buy Axis Bank; target of Rs 1060: YES Securities

YES Securities is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 1060 in its research report date March 30, 2022.

March 31, 2022 / 02:11 PM IST
 
 
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YES Securities' research report on Axis Bank


Axis Bank (AXSB) announced a deal on Wednesday to acquire Citibank India’s (Citi) retail assets, which is net positive for AXSB from a business standpoint. Our view regarding the deal includes the following key aspects (1) The rationale for the deal makes sense for AXSB due to a variety of reasons (2) Integration of Citi’s business will be a key monitorable but importantly, there is some downside protection built into the deal for AXSB (3) We think that the deal will be RoE accretive in FY24E and raise our FY24E PAT estimate by 3.5%.



Outlook


We reiterate BUY rating on AXSB with a revised price target of Rs 1060.


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At 13:40 hrs Axis Bank was quoting at Rs 756.95, up Rs 6.75, or 0.90 percent.


It has touched an intraday high of Rs 763.90 and an intraday low of Rs 751.40.


It was trading with volumes of 344,250 shares, compared to its thirty day average of 330,327 shares, an increase of 4.21 percent.


In the previous trading session, the share closed up 1.72 percent or Rs 12.65 at Rs 750.20.


The share touched its 52-week high Rs 866.60 and 52-week low Rs 626.40 on 25 October, 2021 and 12 April, 2021, respectively.


Currently, it is trading 12.65 percent below its 52-week high and 20.84 percent above its 52-week low.


Market capitalisation stands at Rs 232,364.56 crore.


For all recommendations report, click here

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first published: Mar 31, 2022 02:11 pm
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ISO 27001 - BSI Assurance Mark