RBL Bank spikes 5% after ICICI Sec retains Buy; Kotak upgrades stock with target of Rs 500/sh

RBL-Bank

Shares of RBL Bank jumped close to 6 percent on September 9 after brokerages gave a positive outlook on the stock.

ICICI Securities has maintained a buy and has cut price target to Rs 536 from Rs 725. The stock fell due to the lingering concerns of asset quality and growth.

The research firm has cut its credit growth for the current and the next financial year given the systemic slowdown, while it is of the view that long-term story of RBL Bank remains intact.

On the other hand, Kotak Institutional Equities has upgraded the stock to add from reduce and has cut target to Rs 350 from Rs 500 per share. The research firm has upgraded the stock after recent price correction.

Kotak is of the view that target price captures risks from higher provisions and lower RoEs.

The stock has added over 9 percent in the last three days.
At 1155 hours, RBL Bank was quoting at Rs 355.00, up Rs 18.25, or 5.42 percent. It touched an intraday high of Rs 365.70 and an intraday low of Rs 334.40.

News Source: Moneycontrol

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