What is the story about?
49 out of the 51 analysts that have coverage on ICICI Bank have a "buy" rating on the stock after its third quarter results. The other two have a "hold" recommendation.
The lender reported its results on Saturday which were largely in-line with expectations, other than the standard asset provisions that it had to make based on directions given by the Reserve Bank of India.
ICICI Bank's other major highlight was the two-year extension granted to Sandeep Bakhshi, the incumbent MD & CEO, who will now remain in office till October 2028.
BNP Paribas is the firm with the highest price target on ICICI Bank at ₹1,990, followed by Morgan Stanley, Prabhudas Lilladher, Kotak Institutional Equities and Dolat Capital, at ₹1,800 each.
Here are the five key highlights on what analysts had to say after the lender's results:
The brokerage said that the biggest overhang on the stock, which was Sandeep Bakhshi's tenure, is now behind with the two-year extension.
CLSA has an "outperform" rating on the stock with a price target of ₹1,700.
With the lender now getting leadership clarity, the focus will solely now be on loan growth where traction is improving, according to the brokerage.
Morgan Stanley has an "overweight" rating on ICICI Bank with a price target of ₹1,800.
The stock's recent rise reflected Sandeep Bakhshi's potential extension as MD & CEO. Unsecured retail lending was soft during the quarter but will improve, along with stable asset quality.
Jefferies raised its price target to ₹1,730 from ₹1,630 earlier and maintained its "buy" rating on the stock.
Bernstein is one of the two firms that do not have a "buy" rating on ICICI Bank.
The brokerage also believes that Sandeep Bakhshi's re-appointment as MD & CEO lifts a key overhang and should be able to offset an otherwise weak quarter.
Bernstein has a "market-perform" rating on the stock with a price target of ₹1,550.
"ICICI Bank's superior liability profile and its ability to deliver superior growth and profitability metrics drive our positive view," the brokerage wrote in its note.
Kotak Institutional Equities has an "Add" rating on ICICI Bank with a price target of ₹1,800.
Shares of ICICI Bank ended 0.4% lower last Friday at ₹1,413. The stock is up 15% in the last 12 months.
The lender reported its results on Saturday which were largely in-line with expectations, other than the standard asset provisions that it had to make based on directions given by the Reserve Bank of India.
ICICI Bank's other major highlight was the two-year extension granted to Sandeep Bakhshi, the incumbent MD & CEO, who will now remain in office till October 2028.
BNP Paribas is the firm with the highest price target on ICICI Bank at ₹1,990, followed by Morgan Stanley, Prabhudas Lilladher, Kotak Institutional Equities and Dolat Capital, at ₹1,800 each.
Here are the five key highlights on what analysts had to say after the lender's results:
CLSA
The brokerage said that the biggest overhang on the stock, which was Sandeep Bakhshi's tenure, is now behind with the two-year extension.
CLSA has an "outperform" rating on the stock with a price target of ₹1,700.
Morgan Stanley
With the lender now getting leadership clarity, the focus will solely now be on loan growth where traction is improving, according to the brokerage.
Morgan Stanley has an "overweight" rating on ICICI Bank with a price target of ₹1,800.
Jefferies
The stock's recent rise reflected Sandeep Bakhshi's potential extension as MD & CEO. Unsecured retail lending was soft during the quarter but will improve, along with stable asset quality.
Jefferies raised its price target to ₹1,730 from ₹1,630 earlier and maintained its "buy" rating on the stock.
Bernstein
Bernstein is one of the two firms that do not have a "buy" rating on ICICI Bank.
The brokerage also believes that Sandeep Bakhshi's re-appointment as MD & CEO lifts a key overhang and should be able to offset an otherwise weak quarter.
Bernstein has a "market-perform" rating on the stock with a price target of ₹1,550.
Kotak Institutional Equities
"ICICI Bank's superior liability profile and its ability to deliver superior growth and profitability metrics drive our positive view," the brokerage wrote in its note.
Kotak Institutional Equities has an "Add" rating on ICICI Bank with a price target of ₹1,800.
Shares of ICICI Bank ended 0.4% lower last Friday at ₹1,413. The stock is up 15% in the last 12 months.
