Morgan Stanley upgrades ICICI Bank to 'overweight'

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 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.

HT Image

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.