Sharemasterindia.com:Shares in ICICI Bank gained nearly 2 per cent to a day high of rupee“>Rs. 1,604 on Monday. Bank of America Merrill Lynch (BofAML) maintains buy on the stock with a target price of Rs. 2,000 per share. The target implies an upside of over 25 per cent from its current level.
The brokerage says profitability of ICICI Bank has improved sharply over past 5 years and under a best case scenario the can double in three to four years. ICICI Bank stocks to re-rate as return on equity rises from 14 per cent to 18 per cent by FY18, adds BofAML.
As of 9.39 a.m. the shares in ICICI Bank traded 1.7 per cent higher at Rs. 1,600 apiece, outperforming the Nifty which was up 0.25 per cent.
