Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

Buy Axis Bank; target of Rs 725: ICICI Direct

11 September, 2018 12:00 PM
88 0
Buy Axis Bank; target of Rs 725: ICICI Direct

The Reserve Bank of India (RBI) has approved the appointment of Amitabh Chaudhry as MD & CEO of Axis Bank for three years with effect from January 1, 2019 up to December 31, 2021. As directed by RBI, current CEO Shikha Sharma’s term would continue until December 31, 2018.

Further, an improving asset quality & lower credit costs ahead would allow RoEs and RoAs to improve to >13% and 1.2% levels, respectively, by FY20E. We revise our target price upwards to Rs 725 (earlier Rs 650) valuing the stock at 2.7x FY20E ABV.

Also read: Buy Majesco; target of Rs 670: ICICI Direct

Source: moneycontrol.com

Share in social networks:

Comments - 0