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Last Updated : Dec 04, 2019 11:26 AM IST | Source: Moneycontrol.com

Buy ICICI Bank; target of Rs 605: Prabhudas Lilladher

Prabhudas Lilladher is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 605 in its research report dated December 04, 2019.

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Prabhudas Lilladher's research report on ICICI Bank


ICICIBC held an analyst day to showcase its digital capabilities being placed at the core and leveraging the same across business segments & operations of the bank. Bank emphasized its journey of making "One Bank One ROE" as a principle for every business enabled through high focus on core operating profit. This will be led by high use of digital, technology & data analytics helping lower costs, maximize risk adjusted NIMs and enable customized offerings to increase stickiness. We have been witnessing some of the initiatives play out in past couple of quarters with improved market share in retail and re-oriented corporate lending towards granular lending. This has helped to come back on track towards the target ROEs of 15% by Jun FY21 (guidance unchanged) led by strong improvement in bank's core operations.


Outlook


Hence, we maintain BUY with unchanged earnings and revise our TP to Rs605 (from Rs541) as we increase multiple to 2.5x from 2.1x based on Sep-21 ABV.


For all recommendations report, click here


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First Published on Dec 4, 2019 11:05 am
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