ICICI Bank Limited (IBN) Upgraded to “Buy” by Jefferies Group LLC

Jefferies Group LLC upgraded shares of ICICI Bank Limited (NYSE:IBN) from a hold rating to a buy rating in a research report report published on Monday, Marketbeat reports. Jefferies Group also issued estimates for ICICI Bank Limited’s FY2018 earnings at $0.46 EPS and FY2020 earnings at $0.81 EPS.

Other equities research analysts have also recently issued research reports about the stock. BidaskClub raised shares of ICICI Bank Limited from a hold rating to a buy rating in a research report on Wednesday, August 2nd. Zacks Investment Research raised ICICI Bank Limited from a hold rating to a buy rating and set a $9.50 target price for the company in a research note on Tuesday, September 26th. ValuEngine raised ICICI Bank Limited from a hold rating to a buy rating in a research note on Friday, September 1st. Finally, Morgan Stanley raised ICICI Bank Limited from an underweight rating to an overweight rating in a research note on Wednesday, October 25th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $9.50.

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Hedge funds and other institutional investors have recently modified their holdings of the business. Ronald Blue & Co. LLC acquired a new position in ICICI Bank Limited during the second quarter worth about $100,000. Smithfield Trust Co. raised its stake in ICICI Bank Limited by 9.0% during the second quarter. Smithfield Trust Co. now owns 11,775 shares of the bank’s stock worth $106,000 after acquiring an additional 968 shares in the last quarter. CAPROCK Group Inc. acquired a new position in ICICI Bank Limited during the second quarter worth about $107,000. YorkBridge Wealth Partners LLC raised its stake in ICICI Bank Limited by 14.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 12,381 shares of the bank’s stock worth $111,000 after acquiring an additional 1,553 shares in the last quarter. Finally, Comerica Securities Inc. acquired a new position in ICICI Bank Limited during the second quarter worth about $115,000. 21.98% of the stock is owned by hedge funds and other institutional investors.

About ICICI Bank Limited

ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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