ICICIdirect recommended Buy on Jammu & Kashmir Bank with target Rs 170 against current market price Rs 148 in its report.

Commenting on the investment rationale, the stock broker said, "Owing to the natural calamity, credit growth and deposit growth within J&K state may get scaled down and restructured accounts (RA) may increase in the next few quarters. However, the bank expects a special dispensation package since it is a natural calamity. Our sensitivity analysis indicates a decline in growth and surge in NPA, RA can impact profit by Rs 27 million (2.3%) in FY15E. However, we have not altered our estimates to factor in the flood impact."

"While this calamity does have a business impact, at present, we have maintained our growth estimates till further clarity emerges and will revisit our estimates post the Q2FY15 results. We reiterate our Buy rating on the stock," it added.

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