Goldman Sachs Gives ICICI Bank a Boost with 'Buy' Rating

Goldman Sachs Initiates Coverage on ICICI Bank, Issues 'Buy' Rating. Equities researchers at The Goldman Sachs Group have initiated coverage on shares of ICICI Bank (NYSE:IBN) in a research note issued to investors on Friday. The firm set a 'buy' rating on the bank's stock. This comes after several other brokerages commented on IBN, including Sanford C. Bernstein and Weiss Ratings, which upgraded and downgraded the stock respectively. According to MarketBeat, one research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, and two have issued a Hold rating to the company's stock. The average rating among analysts is 'Moderate Buy'. ICICI Bank's stock traded up $0.22 during trading hours on Friday, reaching $29.89. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. Institutional investors have been increasing their stakes in IBN, with GC Wealth Management RIA LLC and Mitsubishi UFJ Trust & Banking Corp buying additional shares during the fourth quarter. ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers.