Kotak Securities has reiterated 'Buy' on ICICI Bank with price target of Rs 390 as against current market price (CMP) of Rs 347 in its report.

Commenting on the investment rationale, Saday Sinha, banking analyst, Kotak Securities said, "Our recent interaction with the management of ICICI bank reinforces our positive outlook on the stock. We believe management's focus on stable growth with improving structural profitability is likely to continue. ICICI Bank has continued to demonstrate its prowess in improving ALM, maintaining robust liability franchise, managing asset quality risk along with conserving capital. Retail segment has continued to show healthy growth while SME and domestic corporate books have seen calibrated growth. Its asset quality has stabilized; fresh loan impairments have also remained within the management's guidance.

We have marginally revised earnings upward for FY15/16E along with assigning higher multiples for its core business as well as subsidiaries on improving macros."

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