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Brokerage firm UBS has a sell view on SBI Cards, Nomura has a neutral rating on IndusInd Bank. Meanwhile, Morgan Stanley and Macquarie have an overweight and outperform rating respectively on ICICI Bank.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
UBS on SBI Cards: Sell| Target price: Rs 620
UBS has downgraded SBI Cards to sell from neutral and cut the target price to Rs 620 from Rs 805.
The company looks ill-placed in NPL cycle and a rise in credit costs is likely to drive down RoA. Q1 spends growth is weak while the margins are stable sequentially. UBS cut its EPS by 11%/13% and raised credit cost by 60-70 bps.
Nomura on IndusInd Bank: Neutral| Target price: Rs 1,580
Nomura maintained a Neutral rating on IndusInd with the target price Reduced to Rs 1,580 vs Rs 1650 earlier.
CASA moderation trend continues in deposits and loan growth in the quarter was relatively soft at 15% y-y. The credit cost at 1.3% was in line with the upper end of guidance.
Morgan Stanley on ICICI Bank: Overweight| Target price: Rs 1,500
The global brokerage firm has maintained an overweight call on ICICI Bank and hiked the target price to Rs 1,500 vs Rs 1,400.
The delivery stood uninterrupted and Morgan Stanley expects the stock to do well post strong F1Q25. RoAs was well above normalized levels and have room to absorb potential margin normalisation. The stock is well placed to absorb potential regulatory changes.
Macquarie on ICICI Bank: Outperform| Target price: Rs 1,300
Macquarie retained an outperform rating on the bank with a target price of Rs 1,300.
PAT was in line and a high opex offset by high fee income was seen while the credit cost is likely to normalize to 50bp in near term. Macquarie believes that margin pressure will remain in the near term.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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