Reliance Securities has recommended 'Buy' on ICICI Bank with target price of Rs 382 in its report.
Commenting on the investment rationale, the stock broker said, ''ICICI Bank had positively surprised on assets quality and profitability fronts in its 1QFY16 result. The Bank is well placed to capitalize on the expected improvement in the economic cycle, as it has leadership position in both retail and corporate banking segments.
We expect the bank to command better valuation over the next few quarters. We have a Buy recommendation on the stock with a SOTP target price of Rs 382, wherein the standalone bank has been valued at 2x FY17E Adj. BV of Rs 340 and the subsidiaries fetch Rs 43 a share after deducting holding company discount of 15%.''
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