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Last Updated : Sep 30, 2020 12:04 PM IST | Source: Moneycontrol.com

Buy ICICI Bank; target of Rs 485: Sharekhan

Sharekhan is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 485 in its research report dated September 28, 2020.

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Sharekhan's research report on ICICI Bank


We like the prudent and cautious approach of the bank in building provision buffers, cautious loan book growth, and healthy capitalisation levels, which we believe will be key for overcoming medium-term challenges. Our interactions with the management indicate a consistent business strategy and gradual resumption in activities since Q1 to August. Additional provision buffer stands at Rs. 14,368 crore (2.3% of outstanding loans; more than the NNPA), and we envisage near-term risk due to adequate provision coverage ratio and overall balance sheet strength.


Outlook



We maintain our Buy rating on ICICI Bank with an unchanged SOTP-based price target (PT) of Rs. 485. Bank is adequately capitalised (after the capital raise calculated Tier-1 ratio at ~16.9%).


For all recommendations report, click here

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First Published on Sep 30, 2020 12:04 pm
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