Brokerages Jefferies and Emkay Global said ICICI Bank remains their top pick in the sector. Investec, which has a price target of ₹1,045 on the stock, said slower deposits growth continued to be a "blot on an otherwise good quarter".
By ET Bureau | Updated:
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"For the bank to sustain advances growth at 19-20%, it must significantly ramp up its granular deposits growth," said Investec. "This we believe is going to take another 3-4 quarters and hence could remain a near-term drag on valuations."
Mumbai: Most analysts retained or raised their price targets on ICICI Bank after the better-than-expected third quarter results. The stock ended at ₹869.6 on Monday, almost unchanged from Friday after erasing early gains. Analysts' average 12-month price target on the stock compiled by Bloomberg is ₹1105.90, implying an upside of 27.2% from Monday's closing.
Brokerages Jefferies and Emkay Global said ICICI Bank remains their top pick in the sector. Investec, which has a price target of ₹1,045 on the stock, said slower deposits growth continued to be a "blot on an otherwise good quarter". "For the bank to sustain advances growth at 19-20%, it must significantly ramp up its granular deposits growth," said Investec. "This we believe is going to take another 3-4 quarters and hence could remain a near-term drag on valuations."
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