Buy Axis Bank; Target Of Rs 595: Sharekhan
Sharekhan is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 595 in its research report dated October 28, 2020.
Nov 2, 2020 / 03:06 PM IST
Sharekhan's research repor on Axis Bank
Q2FY2020 numbers were strong with operating results beating expectations and asset quality (even on normalized pro-forma basis) improving with better NIMs q-o-q. Axis Bank is well-capitalised with a strong CRAR (CET1 of 15.4%); and its digital prowess, improving business traction across segments, near-normal collection efficiency and business strengths indicate an improving outlook. Axis Bank trades at 1.4x / 1.3x FY2022E / FY2023E book value per share; we have fine-tuned FY2021E and FY2022E earnings estimates and introduce FY2023E estimates.
We maintain our Buy rating on the stock with a revised price target (PT) of Rs. 595.
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