Analysts raised their target price by 2% to an average of ₹1,432.38, according to Bloomberg's average of 34 analysts. This implies a 19% upside from Thursday's closing price.
Jefferies raised its price target and now sees 33% upside. It said healthy retail deposit growth was better than select peers. It also saw fresh slippages as blips and expected them to normalise. The brokerage tweaked its earnings estimates and said the stock is its preferred bet in the banking sector.
"Improvement in core performance as well as clarity on extension of CEO tenure will be key re-rating triggers for stock valuations," Jefferies said in a client note. Brokerage Avendus Spark is the most bullish. Its target price translates into a 37% upside from the current levels.
CLSA said the risk reward is favourable and CEO extension is a key near-term monitorable that could drive re-rating of the stock.
Morgan Stanley also remains bullish on the stock. The brokerage said core pre-provision operating profit (PPoP) and credit costs surprised positively but moderation in SA ratio and slower MFI growth pickup were disappointing.
Of the 34 analysts, 30 maintained their 'buy' or 'outperform' rating on stock while 4 remained neutral.
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