ICICI Direct has given Buy recommendation for Axis Bank with a target price of Rs. 970 in its research report issued on Apr 29, 2022

ICICI Direct’s research report on Axis Bank

Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 11.7 lakh crore as on March 2022. The bank has a large footprint across India with 4758 branches • Retail and SME comprise ~68% of total loans.

Outlook

We retain our BUY rating on the stock. We value Axis Bank at ~2.3x FY24E ABV and maintain our target price at Rs 970.

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