Keynotes Financial Opiniery is bullish on ICICI bank has recommended buy rating on the stock with a target price of Rs 450 in its research report dated April 19, 2019.
Keynotes Financial Opiniery's research report on ICICI bank
ICICI bank has always played a pioneering role in transforming retail banking in the country. The retail franchise is supported by a wide distribution network and strong digital and technological capabilities. The bank’s network of 4,867 branches and 14,367 ATMs as at March 31, 2018 is the largest network among private sector banks in India. The bank offers a comprehensive suite of products and services catering to the full spectrum of customer’s financial needs- savings and investments, payments and transactions, credit, protection from risks and advisory services. The bank has invested in service automation through Natural language Processing (NLP) and Artificial Intelligence (AI). The bank has partnership with varied web based providers for offering payment services using the UPI platform, which is creating new dimensions in the payment ecosystem. Paytm and ICICI bank partnered to jointly launch Paytm-ICICI bank postpaid offering access to instant credit to customers.
On the basis of Discount Cash Flow Valuation Method, we are recommending ‘Buy’ for the stock. Since the stock offers good opportunity, we initiate a ‘BUY’ signal on the stock with 12-month price target of Rs 450/- share an upside of 15% from current levels.
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