Buy Axis Bank; target of Rs 860: Sharekhan
Sharekhan’s research report on Axis Bank
We continue to view Axis Bank as a potential re-rating candidate backed by its improving asset quality and ability to raise fresh capital at reasonable valuations. Though the road to recovery could be fraught with hurdles (rising risk of slippages from new areas of business), the direction in terms of structural improvement in its balance sheet is expected to remain positive. Consequently, we suggest the use the aberrations like the correction in past few months to accumulate the stock.
We maintain our BUY rating on Axis Bank with an unchanged Price target of Rs 860.
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