ICICIBANK Ratign
BOFA-SEC ON ICICI BANK : 26.05.2021
• Maintain buy, target at Rs 760/share
• ROE normalization well on track
• ICICI has been the best performer YTD among big cap bank stocks
• Driven by increasing investor confidence around growth
• Remain constructive around the turnaround story over the next 2-3 years
* Less-favorable risk-reward for the sector pending clarity cos
* Valuations still have room to further rerate over the next 6-12 months
• Down our EPS estimates by 3-8% mainly driven by higher credit costs
ICICIBANK Ratign
