Sharekhan has given Buy recommendation for ICICI Bank with a target price of Rs. 1040 in its research report issued on Aug 24, 2022
Sharekhan’s research report on ICICI Bank
ICICI Bank has been committed to its articulated strategy of targeting risk-calibrated growth in core operating profit, while ensuring that it is resilient against potential risks and capitalize on growth opportunities. Strong performance and portfolio quality that the bank has delivered in the past years demonstrates the efficacy of its strategy despite pandemic led disruption. The bank grew its market share across key segments, while maintaining credit discipline and a robust balance sheet. The healthy growth in core operating profit, earnings and return ratios reflects the strong underlying business franchise. ICICI Bank is well positioned to capture growth going ahead. The stock is currently trading at 2.4x/2.0x its FY2023E/FY2024E core BV.
We maintain our Buy rating on the stock with a revised PT of Rs. 1040. Sustainable business performance along with improving return ratios matrix make it our preferred pick in the banking sector.
At 11:55 hrs ICICI Bank was quoting at Rs 878.05, up Rs 5.50, or 0.63 percent.
It has touched an intraday high of Rs 880.30 and an intraday low of Rs 873.30.
It was trading with volumes of 160,277 shares, compared to its thirty day average of 851,702 shares, a decrease of -81.18 percent.
In the previous trading session, the share closed up 0.91 percent or Rs 7.90 at Rs 872.55.
The share touched its 52-week high Rs 887.25 and 52-week low Rs 642.00 on 18 August, 2022 and 07 March, 2022, respectively.
Currently, it is trading 1.04 percent below its 52-week high and 36.77 percent above its 52-week low.
Market capitalisation stands at Rs 611,308.02 crore.