Brokers’ call: Nomura puts a ‘Buy’ rating on ICICI Bank

Nomura Equity Research has assigned a ‘Buy’ rating on ICICI Bank with a price target of Rs 1,250 per share. The stock is currently trading at Rs 1,119.30 on the BSE.

The foreign broking firm expects a loan book growth of 17% and 18.6% for FY13 and FY14F, respectively, with a stable NIM ( net interest margin) in the range of 3.0-3.1% for these two years.

“The bank is targeting a daily average balance CASA in the range of 38-40% for FY13. The management is confident of a blended NIM of 3%; international NIM should track back up to 1.5% after a dip in second quarter 2013,” the report said.