Hot Stocks: Morgan Stanley sees up to 30% return in ICICI Bank and Axis Bank

Global brokerage firm Morgan Stanley maintained its overweight stance on ICICI Bank, Axis Bank, Federal Bank, AU Small Finance Bank, and IndusInd Bank. Jefferies retained buy rating on HDFC AMC.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:


Morgan Stanley on private Bank: ICICI Bank Target Rs 1250 | Axis Bank Target Rs 1155

Morgan Stanley maintained its overweight rating on ICICI Bank with a target price of Rs 1250 with an upside of over 35% from Rs 921 recorded on December 6 , 2022.

Morgan Stanley also maintained an overweight rating on Axis Bank with a target price of Rs 1155 which translates into an upside of over 27% from Rs 904.

The global investment bank expects another strong year for banks given the sustained growth.

It sees that the benign credit cycle and pace of deposit growth recovery is important. Private banks (ICBK, Axis Bank) will gain strong traction, said the note.

Within PSU Banks, Bank of India and Bank of Baroda to play continued strong cyclical tailwind, it said. Banks with access to retail deposits should generate higher revenue, it added.

The global investment bank is overweight on Federal Bank, AU Small Finance Bank, and IndusInd Bank.

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