By Malvika Gurung
Investing.com -- The private lender IndusInd Bank (NS: INBK ) posted a stellar June 2022 quarterly earnings, following which its shares zoomed past 9% on Thursday.
Its net profit came in higher than the Street’s estimate, up 60.5% YoY to Rs 1,631.1 crore in the quarter. The figure was reported to be 23% above the global brokerage Morgan Stanley’s estimates.
Following its strong earnings performance in the June quarter, several brokerages have upgraded their coverages on the banking stock and grown bullish on it.
Here’s how these three global brokerage houses view the stock, as reported by CNBC-TV18.
Morgan Stanley (NYSE: MS )
It has maintained an ‘overweight' coverage on the stock, setting a target price of Rs 1,300/share, an upside of 36.6% compared to the current price, thanks to a strong core PPoP and steady margin despite higher rates.
Credit Suisse (SIX: CSGN )
It has maintained an ‘outperform' call on the stock, with a TP of Rs 1,150/share, as the bank’s RoA and RoE have improved to 1.6% and 13%, respectively amid moderating credit costs.
It also witnessed a healthy growth and stable margin in the quarter.
Jefferies (NYSE: JEF )
It has held a ‘Buy’ call on the stock, with a TP of Rs 1,250/share, given an impressive surge in the quarterly profit, along with lower credit cost and stronger fees.
The brokerage noted that the bank’s loan growth also improved and NIMs rose.
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