Buy ICICI Bank; target of Rs 890: Edelweiss Securities

Edelweiss Securities is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 890 in its research report dated December 05, 2021.

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December 06, 2021 / 03:14 PM IST

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Edelweiss Securities' report on ICICI Bank

The key takeaway from ICICI Bank’s (ICICI) Analyst Day 2021 is extension of the earlier versions showcasing its digital prowess, focused execution, and ability to capture the entire customer ecosystem. The event spelt out the bank’s approach to deepening moats in existing verticals via dual levers: analytics and digitalisation. An ecosystem approach to tracking risk/opportunity across segments shows ICICI is evolving into a next-gen bank (ingrained digital edge) that is well equipped to cater to customers’ changing needs.

Outlook

The bank’s approach also highlights that it is moving beyond ‘hygiene’ towards excellence. Maintain ‘BUY’ with a TP of INR890 (unchanged). ICICI continues to be our top sectoral pick.