Buy Axis Bank; target of Rs 970: ICICI Direct
ICICI Direct is bullish on Axis Bank recommended buy rating on the stock with a target price of Rs 970 in its research report dated January 25, 2022.
Broker Research
January 31, 2022 / 12:33 PM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E. Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.
ICICI Direct's research report on Axis Bank
Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 11.1 lakh crore as on December 2021. The bank has a large footprint across India with 4700 branches • Retail and SME comprise ~65% of total loans.
Outlook
We retain our BUY rating on the stock. We value Axis Bank at ~2.1x FY24E ABV and maintain our target price at Rs 970.
At 17:30 Axis Bank was quoting at Rs 764.75, down Rs 8.35, or 1.08 percent.
It has touched an intraday high of Rs 784.80 and an intraday low of Rs 761.80.
It was trading with volumes of 398,008 shares, compared to its thirty day average of 331,902 shares, an increase of 19.92 percent.
In the previous trading session, the share closed up 2.81 percent or Rs 21.15 at Rs 773.10.
The share touched its 52-week high Rs 866.60 and 52-week low Rs 617.00 on 25 October, 2021 and 28 January, 2021, respectively.
Currently, it is trading 11.75 percent below its 52-week high and 23.95 percent above its 52-week low.
Market capitalisation stands at Rs 234,611.92 crore.
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