ICICI Bank Hits Life High After Morgan Stanley Hikes Target

Global brokerage house Morgan Stanley has maintained overweight call on ICICI Bank, the country's largest price sector lender and hiked price target to Rs 510 from Rs 460 earlier that implies 34 percent potential upside from Tuesday's closing levels.

"Asset quality continues to improve, and underlying earnings are accelerating," it reasoned.

Not only ICICI but across banking sector asset quality was the biggest concern which impacted their earnings. The bank has undergone massive positive change over the last 3-4 years.

Its CASA is now highest in the industry at 51 percent reflecting the strong liability franchise.

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