Zacks Investment Research upgraded shares of ICICI Bank Limited (IBN) from NEUTRAL to OUTPERFORM on March 13, 2013, with a target price of $48.00.
We upgraded our long-term recommendation on ICICI Bank to Outperform based on its impressive fiscal third-quarter 2013 (ended Dec 31) results. Net income for the quarter surged 30% year over year mainly due to top-line growth, partially offset by higher loan loss provision and operating expenses. Further, stable asset quality and strong capital ratios were the other positives. We expect continued synergies from the company's increased dependence on domestic loans, an almost stable fund base and market leadership in the insurance business. However, highly competitive operating environment, elevated operating expenses, stringent regulatory requirements and below-average credit quality remain the main areas of concern.
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