Zacks Upgrades ICICI Bank Ltd to Neutral (IBN)
ICICI Bank Ltd (NYSE:IBN) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research report issued on Monday, AmericanBankingNews.com reports. The firm currently has a $33.00 target price on the stock. Zacks‘ target price would indicate a potential upside of 3.61% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our long-term recommendation on ICICI Bank to Neutral based on continuous rise in fee income. Further, the company reported impressive fiscal first-quarter 2014 results. Improved top line was partially offset by higher operating expenses and loan loss provisions. Moreover, capital ratios remained strong, and loan and deposit balances increased. However, credit quality deteriorated. We expect continued synergies from the company’s increased dependence on domestic loans, an almost stable fund base and market leadership in the insurance business. However, a highly competitive operating environment, persistently rising operating expenses, deterioration in asset quality and stringent regulatory requirements remain the primary concerns.”
ICICI Bank Ltd (NYSE:IBN) traded up 1.79% during mid-day trading on Monday, hitting $31.85. The stock had a trading volume of 2,326,368 shares. ICICI Bank Ltd has a 52-week low of $24.94 and a 52-week high of $48.44. The stock’s 50-day moving average is $29.93 and its 200-day moving average is $37.79. The company has a market cap of $18.371 billion and a price-to-earnings ratio of 10.01.
ICICI Bank Limited (NYSE:IBN) is a banking company engaged in providing a range of banking and financial services, including commercial banking and treasury operations.
To view Zacks’ full report, visit www.zacks.com
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