ICICI Direct is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 725 in its research report dated September 10, 2018.
Broker Research
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ICICI Direct's research report on Axis Bank
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.
Outlook
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.
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Read MoreFirst Published on Sep 11, 2018 05:30 pm