ICICI Bank (IBN) Upgraded by ValuEngine to “Buy”

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ValuEngine upgraded shares of ICICI Bank (NYSE:IBN) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Other analysts also recently issued reports about the stock. HSBC downgraded shares of ICICI Bank from a buy rating to a hold rating in a research report on Friday, November 23rd. 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. Finally, Zacks Investment Research raised shares of ICICI Bank from a hold rating to a strong-buy rating and set a $12.00 target price for the company in a research report on Friday, January 11th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $12.00.

IBN stock opened at $11.46 on Tuesday. The company has a market capitalization of $36.71 billion, a price-to-earnings ratio of 52.09 and a beta of 0.95. ICICI Bank has a 12 month low of $7.61 and a 12 month high of $11.49.

A number of hedge funds have recently bought and sold shares of IBN. Baillie Gifford & Co. grew its position in ICICI Bank by 45.8% in the third quarter. Baillie Gifford & Co. now owns 63,026,111 shares of the bank’s stock worth $535,091,000 after acquiring an additional 19,805,081 shares in the last quarter. Hardman Johnston Global Advisors LLC grew its position in ICICI Bank by 254.1% in the fourth quarter. Hardman Johnston Global Advisors LLC now owns 14,529,478 shares of the bank’s stock worth $149,508,000 after acquiring an additional 10,426,347 shares in the last quarter. OppenheimerFunds Inc. boosted its holdings in shares of ICICI Bank by 10.3% during the 3rd quarter. OppenheimerFunds Inc. now owns 80,158,860 shares of the bank’s stock worth $680,547,000 after buying an additional 7,490,600 shares during the period. LMR Partners LLP bought a new stake in shares of ICICI Bank during the 4th quarter worth $70,895,000. Finally, FMR LLC boosted its holdings in shares of ICICI Bank by 56.2% during the 3rd quarter. FMR LLC now owns 18,441,665 shares of the bank’s stock worth $156,570,000 after buying an additional 6,631,895 shares during the period. 23.16% of the stock is owned by institutional investors.

About ICICI Bank

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.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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