Zacks Investment Research upgraded shares of ICICI Bank (NYSE:IBN) from a hold rating to a strong-buy rating in a report issued on Friday morning. They currently have $12.00 price target on the bank’s stock.

According to Zacks, “ICICI Bank’s shares on the NYSE have significantly outperformed the industry over the past six months. Earnings estimates have been moving upward ahead of the company’s third quarter fiscal 2019 results. The company remains well positioned to capitalize on growth opportunities, given the increased dependence on domestic loans and improving net interest margin. While deteriorating asset quality and mounting expenses remain near-term concerns, the bank’s efforts to digitize operations will go a long way in supporting profitability.”

Other research analysts have also issued reports about the company. HSBC lowered ICICI Bank from a buy rating to a hold rating in a report on Friday, November 23rd. JPMorgan Chase & Co. upgraded ICICI Bank from a neutral rating to an overweight rating in a report on Monday, October 15th. Finally, ValuEngine upgraded ICICI Bank from a buy rating to a strong-buy rating in a report on Wednesday, January 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. ICICI Bank has an average rating of Buy and an average price target of $12.00.

Shares of IBN stock opened at $10.67 on Friday. ICICI Bank has a 12 month low of $7.61 and a 12 month high of $11.26. The company has a market cap of $34.53 billion, a PE ratio of 33.34 and a beta of 1.20.

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of ICICI Bank by 49.1% during the second quarter. Bank of New York Mellon Corp now owns 747,827 shares of the bank’s stock valued at $6,004,000 after purchasing an additional 246,308 shares during the period. FMR LLC grew its position in ICICI Bank by 25.2% in the second quarter. FMR LLC now owns 11,809,770 shares of the bank’s stock valued at $94,832,000 after acquiring an additional 2,378,440 shares during the period. Envestnet Asset Management Inc. grew its position in ICICI Bank by 2.2% in the second quarter. Envestnet Asset Management Inc. now owns 293,822 shares of the bank’s stock valued at $2,360,000 after acquiring an additional 6,220 shares during the period. Raymond James & Associates grew its position in ICICI Bank by 30.6% in the second quarter. Raymond James & Associates now owns 616,567 shares of the bank’s stock valued at $4,951,000 after acquiring an additional 144,496 shares during the period. Finally, Morgan Stanley grew its position in ICICI Bank by 10.1% in the second quarter. Morgan Stanley now owns 13,146,632 shares of the bank’s stock valued at $105,567,000 after acquiring an additional 1,202,555 shares during the period. Institutional investors own 23.62% of the company’s stock.

ICICI Bank Company Profile

ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and fixed, recurring, and security deposits.

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