Axis Bank share price touched its new 52-week high level of Rs767 apiece on NSE and Rs766.70 on BSE on Wednesday morning after the management stated it is aiming on delivering 18% return-on-equity over 3 years.
Various brokerages have revised their price targets for Axis Bank following the announcement.
Accordingly, CLSA has a BUY call on Axis bank stocks with a price target of Rs840 per share. The CLSA predicts a recovery on the bank’s earnings FY20 onwards, while Nomura raised its price target to Rs900 for the corporate bank. Nomura in its reports states, Axis Bank will enter predictable earnings compounding cycle with visibility of high Return on Equity.
Motilal Oswal also has a BUY call on the Axis Bank stock with a price target of Rs875, citing the bank’s gradual recovery on corporate fee growth, and believes it will likely boost its earnings in the coming years.