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ICICI Bank profit rises 26%: Here's what brokerages have to say

ICICI Bank profit rises 26%: Here's what brokerages have to say

ICICI Bank profit rises 26%: Here's what brokerages have to say
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By CNBCTV18.com May 11, 2020 9:10:33 AM IST (Published)

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SUMMARY

Private lender ICICI Bank on Saturday reported a net profit of Rs 1,221.36 crore for Q4, up 26 percent year-on-year. The net profit was impacted by a provision of Rs 2,725 towards COVID-19. Post earnings, brokerages remained bullish on the stock. Here's what brokerages have to say about ICICI Bank post Q4 earnings and other brokerage calls for the day:

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CLSA on ICICI Bank: The brokerage maintained a 'buy' call on the stock with a target at Rs 460 per share. The brokerage sees normalisation in credit costs FY22 onwards.

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Jefferies on ICICI Bank: The brokerage has a 'buy' call on the stock and has raised the target to Rs 450 per share from Rs 400 earlier. It added that key disappointment was a 50 percent YoY rise in slippages.

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Credit Suisse on ICICI Bank: The brokerage maintained an 'outperform' call on the stock with a target at Rs 450 per share. The bank reported healthy operating performance on improved margin, it added.

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Kotak on ICICI Bank: The brokerage maintained a 'buy' call on the stock but cut target to Rs 470 per share from Rs 490 earlier. The bank reported 26 percent YoY earnings growth led by operating profit growth, added the brokerage.

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CLSA on Tata Motors: The brokerage downgraded the stock to 'underperform' from 'buy' and cut its target to Rs 85 from Rs 190 earlier. It noted that demand disruptions will delay the deleveraging cycle by 4-6 quarters.

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CLSA on Shree Cement: The brokerage maintained an 'underperform' call on the stock and raised target to Rs 19,000 from Rs 18,600 earlier. It added that valuations are rich at current levels.

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