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Buy Axis Bank, target of Rs 530: Indiabulls Securities

Posted on: January 20th, 2009 and is filed under Brokerage Recommendations.

ndiabulls Securities Research has maintained its buy rating on Axis Bank with a target of Rs 530 in its January 19, 2009 research report. “Axis Bank delivered weak operating results for Q3’09. While the reported net income did increase 24.3% qoq, it was primarily driven by lower provisioning on standard assets. Our outlook for the next few quarters remains cautious; however, we believe that the stock has more than discounted any further near-term potential deterioration in the operating performance.

Our DECF valuation suggests a fair value of Rs 530, indicating a potential upside of 21% over the current stock price. Thus, we reiterate our BUY rating.,” says Indiabulls Securities’ research report.

source: Moneycontrol

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