In this boom in the market, a global brokerage firm has chosen private sector ICICI Bank Ltd (NSE: ICICIBANK) for purchase. The brokerage says that the growth outlook of the bank looks better.
The asset quality is better. So far this year, the stock has given a return of 30 percent.
ICICI Bank: Increase In Goal
The global brokerage firm has kept a buy recommendation for ICICI Bank Ltd. The target price per share is raised from 1464 to 1547 rupees.
On September 20, 2024, the share price was 1,320 rupees. In this way, the stock can see a rise of Rs 209 per share.
ICICI Bank: What Is The Brokerage Suggestion?
The global brokerage firm says that growth momentum can remain in the mid-teens on the strength of business banking, MSME, corporate. LCR/LDR is at 123% or 85%. Net interest margin (NIM) is range-bound.
The asset quality of the bank is at a better level. The bank’s focus is on cost efficiency. Operating expenses are slower than asset growth. The outlook of the stock looks better.
ICICI Bank Ltd has given around 30 percent return so far this year. The stock has jumped around 40 percent in the last 1 year.
The stock had a weak opening on Monday. The stock dropped 1.5 % in the early trading.
Quick Fact
| Company name | ICICI Bank |
|---|---|
| Brokerage firm | Global brokerage firm |
| Growth outlook | Better |
| Asset quality | Better level |
| Return this year | 30% |
| Buy recommendation | Yes |
| Possible target price | ₹1547 |
| Current price (Sep 24, 2024) | ₹1,320 |
| Possible price rise | ₹209 |
| Focus area | Cost efficiency |
| Operating expenses | Slower than asset growth |
| LCR/LDR | 123%/85% |
| Net interest margin (NIM) | Range-bound |
| Business focus | Business banking, MSME, Corporate |
| 1-year return | 40% |
| Monday drop | 1.5% |
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