Zacks Investment Research upgraded shares of ICICI Bank Limited (IBN) from UNDERPERFORM to NEUTRAL on October 07, 2013, with a target price of $33.00.
We are upgrading our long-term recommendation on ICICI Bank to Neutral based on continuous rise in fee income. Further, the company reported impressive fiscal first-quarter 2014 results. Improved top line was partially offset by higher operating expenses and loan loss provisions. Moreover, capital ratios remained strong, and loan and deposit balances increased. However, credit quality deteriorated. 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, a highly competitive operating environment, persistently rising operating expenses, deterioration in asset quality and stringent regulatory requirements remain the primary concerns.
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