Morgan Stanley upgrades ICICI Bank to 'overweight'

  • Reuters, Mumbai
  • |
  • Updated: Apr 09, 2013 13:37 IST

Morgan Stanley upgraded ICICI Bank to "overweight" from "equal-weight" and has raised its target price to 1,250 from 1,235 rupees, as it expects a pickup in consumer loan growth to drive performance.

Morgan Stanley also cites valuations as well as ICICI's efforts to "repair" its balance sheet and improve profitability.

ICICI Bank shares gain 1.7% to 1005.60 rupees.

 

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