Sharekhan is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 540 in its research report dated April 28, 2020.
Sharekhan's research report on Axis Bank
Axis Bank posted mixed numbers for Q4FY2020. While operating results were in line, elevated provisions (especially provisions related to the COVID-19 impact) caused the bank to post a loss. We believe that while Axis Bank’s is being prudent, the COVID-19 impact is likely to impact both growth and credit costs for the banking sector including Axis Bank. We are fine-tuning our estimates and target multiple considering the dynamic environment. However considering the business strengths we expect the bank to ride over the medium term challenges.
We maintain our Buy rating on the stock with a revised price target (PT) of Rs. 540.
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