Citigroup maintains 'sell' on ICICI Securities, target price Rs 350

Citigroup has maintained sell rating on ICICI Securities with a target price of Rs 350 after the company hosted its analysts day wherein it discussed strategies on client acquisition and engagement, product innovation and highlighted the profile of the business with wealth clients. Valuation at 26 times FY21 PE is steep given uncertain macro and persistent pricing pressure and competition, said Citigroup. The stock ended down 1.1% at Rs 499.40 on Wednesday.