ICICI Receives Positive Outlook From A Flurry of Global Brokerages, Shares Advance

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ICICI Receives Positive Outlook From A Flurry of Global Brokerages, Shares Advance
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the private lender ICICI Bank (NS: ICBK ) was last seen trading 0.51% up at Rs 719.95 apiece, after trading higher in early session on Monday. This was after a series of global and domestic brokerages went bullish on the banking stock.

Over the weekend, ICICI Bank’s top management underlined its inclination towards strengthening its digital strategy, by creating customised platforms across different segments. Brokerages are positive on the bank’s outlook and reiterated their ratings on the lender.

Motilal Oswal (NS: MOFS ) has issued a ‘Buy’ rating on the stock with a target price of Rs 1,000, highlighting an upside of 38.8% compared to the current price of the stock. The bank appears to be firmly positioned to deliver healthy and sustainable growth, bolstered with continued investments in technology and expansion in its digital offerings.

Global brokerages like Nomura (NYSE: NMR ) and Jefferies Financial Group Inc (NYSE: JEF ) have also reiterated their Buy calls on the stock, after the bank’s management noted the effects of partnering with over 130 fintech firms, leading to deeper engagements.

Nomura expects an RoE of about 16% in 1-2 years, along with a CAGR of 28% over FY21-24. The brokerage is confident in the bank meeting all the challenges of digital disruption. It has set a TP of Rs 910/share on the stock, demonstrating an upside of 26.3%.

Global brokerage CLSA (HK: 6877 ) has set a Buy call on ICICI Bank with a TP of Rs 1,100/share, an upside of Rs 52.8%, backed upon the management’s shift towards the right set of the pool, and its performance compared to its peers, in terms of digital initiatives.

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  • Mandar Chaphekar @Mandar Chaphekar
    keep buying it yourself...
    Like 0
    • Ragha Vendra @Ragha Vendra
      seen playing around between 700 to 732
      Like 0
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