ICICI Bank (IBN) Upgraded to Conviction-Buy by Goldman Sachs Group

Goldman Sachs Group upgraded shares of ICICI Bank (NYSE:IBN) from a buy rating to a conviction-buy rating in a research note released on Monday, The Fly reports.

A number of other research analysts have also weighed in on the stock. Zacks Investment Research raised shares of ICICI Bank from a hold rating to a buy rating and set a $12.00 price target on the stock in a research report on Tuesday, April 9th. Standpoint Research lowered shares of ICICI Bank from a buy rating to a hold rating in a research report on Friday, March 29th. ValuEngine raised shares of ICICI Bank from a hold rating to a buy rating in a research report on Tuesday, March 19th. Finally, Sanford C. Bernstein raised shares of ICICI Bank from an underperform rating to a market perform rating in a research report on Monday, February 4th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. ICICI Bank presently has a consensus rating of Buy and an average price target of $12.00.

IBN opened at $11.27 on Monday. ICICI Bank has a fifty-two week low of $7.61 and a fifty-two week high of $11.59. The stock has a market cap of $35.85 billion, a P/E ratio of 35.22 and a beta of 0.98.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC bought a new stake in ICICI Bank in the fourth quarter worth about $46,000. Rehmann Capital Advisory Group raised its position in ICICI Bank by 28.3% in the fourth quarter. Rehmann Capital Advisory Group now owns 6,069 shares of the bank’s stock worth $62,000 after acquiring an additional 1,339 shares during the period. Navellier & Associates Inc raised its position in ICICI Bank by 53.5% in the fourth quarter. Navellier & Associates Inc now owns 6,649 shares of the bank’s stock worth $68,000 after acquiring an additional 2,317 shares during the period. Nuveen Asset Management LLC bought a new stake in ICICI Bank in the fourth quarter worth about $108,000. Finally, Private Advisor Group LLC bought a new stake in ICICI Bank in the fourth quarter worth about $114,000. 23.16% of the stock is currently owned by institutional investors.

ICICI Bank Company Profile

ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and fixed, recurring, and security deposits.

See Also: Capital gains and your 401(k) or IRA

The Fly

Analyst Recommendations for ICICI Bank (NYSE:IBN)

Receive News & Ratings for ICICI Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ICICI Bank and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit