ICICI Bank's stock on a bull run; hits fresh 52-week high

25 Oct 2022 , 12:03 PM

ICICI Bank Limited is seeing another wave of price target increases as its outstanding performance in the September quarter results continues. On Tuesday, the stock rose over 2% to a 52-week high of Rs943.25 apiece on the BSE.

During the July-September 2022 period, the bank recorded a 37% yoy growth in standalone net profit to Rs7,558 crore and a 26% yoy increase in net interest income (NII) to Rs14,787 crore.

At around 12.06 PM, ICICI Bank was trading at Rs930.45 up by 0.49% from its previous closing of Rs925.90 on the BSE.

Citigroup and HSBC have lifted their target prices on ICICI Bank shares to Rs1,080 and Rs1,100, respectively. Morgan Stanely, on the other hand, believes the stock may go up to Rs1,250.

Nomura has boosted its target price for ICICI Bank shares to Rs1,060, citing the private lender’s pole position with a net interest margin (NIM) of 4.31% and core PPOP (pre-provisioning operating profit) growth of 23.6% y-o-y.

ICICI Bank is one of the most popular companies on Dalal Street, with buy ratings from all 39 analysts that follow the firm.

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