Axis Bank gains after CLSA sees 24% upside on earnings recovery

CLSA raised price target to Rs 1,000 from Rs 890 earlier, implying 24 percent potential upside

Axis Bank shares gained nearly a percent intraday on July 4 after CLSA maintained buy call on the stock saying profit was expected to turn around in FY20.


The research house raised price target to Rs 1,000 from Rs 890 earlier, implying 24 percent potential upside. It sees an earnings recovery in FY20 as credit costs normalize.

Push for retail-term deposits will lift costs but recovery of written-off loans was impressive, it added.

The stock has rallied 58 percent in last one year. It was quoting at Rs 809.25, up to Rs 2.95, or 0.37 percent on the BSE at 1020 hours IST.

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