Analysts price in 20% upside for Axis Bank post Q2

Mumbai: Analysts at most brokerages retained or raised their price targets on Axis Bank after the lender reported a robust net interest margin (NIM) compared to its peers in the bank’s second-quarter results. The stock gained 1.87% to close at ₹973.35 on Thursday.

The average price target on Axis Bank of all analysts compiled by Bloomberg following the second quarter results is ₹1,169.78, implying an upside of almost 20.18% over Thursday’s closing.

Shares of peers HDFC Bank were down by 2.28%, ICICI Bank by 0.67%, and Kotak Mahindra Bank by 1.92%, while the Nifty Bank index declined 1.29%.

“The key highlight was stable NIM quarter-on-quarter led by better lending yields and relatively lower slippages. Axis Bank has made significant progress to close the gap with its peers on NIM and this augurs well to build a positive thesis,” said Kotak Institutional Equities in a note.

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