HDFC Securities is bearish on ICICI Securities has recommended buy rating on the stock with a target price of Rs 316 in its research report dated May 08, 2020.
HDFC Securities' research report on ICICI Securities
Hightened market volatility and ADTVs in Mar-20 resulted in higher core $QFY20 broking revenues (+25.6/27.9% YoY/QoQ) driving total adj. revenues to Rs 4.5bn (+22.0/15.8% YoY/QoQ, +14.6% vs. est.) and APAT to Rs 1.6bn (+76.8/13.6% YoY/QoQ, +18.8% vs. est.).
Outlook
We increase our FY21E/22E earnings estimates by 12.7/10.8% but continue to rate ISEC a SELL with an increased TP of Rs 316 (P/E of 18x FY22E).
For all recommendations report, click here
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