Prabhudas Lilladher recommended accumulate rating on Axis Bank with a target price of Rs 845 in its research report dated March 20, 2019.
Broker Research
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Prabhudas Lilladher's research report on Axis Bank
Axis Bank hosted an analyst day to showcase the path ahead to the goal of higher sustainable ROEs of 18% with key business verticals & subsidiaries articulating detailed strategy. Some of the key points were (i) scaling up of certain business segments to move in top tier rank and achieve profitability (ii) sustainable ROEs of 18% by FY22 can be achieved from improving profitability (NII growth), cost optimization and credit cost below normalized levels and (iii) leverage & cross sell from subsidiary platform.
Outlook
We retain Accumulate rating with revised TP to Rs845 (from Rs745) based on rolled over multiple of 2.6x Mar-21 ABV (from 2.5x Sep-20 ABV).
Read MoreFirst Published on Mar 20, 2019 02:29 pm
