ICICI Bank Hits ₹2,000 Price Target as Analysts Back 'Consensus Buy'

ICICI Bank has received its first share price target of ₹2,000 from brokerage firm Goldman Sachs. The 'buy' rating on ICICI Bank comes with a revised price target of ₹2,000 from ₹1,935 earlier. This is the highest price target for the stock among analysts who cover it.

According to Goldman Sachs, ICICI Bank's mobilization of $17.9 billion worth of FCNR deposits accounts for 14% of the total deposit pool mobilized by the entire banking system. This is significantly higher than its overall deposit market share of 6.7%. The brokerage believes that ICICI Bank's 50% share of un-levered deposits will likely be relatively higher than its peer banks.

The improved liquidity coverage ratio, excluding the impact of the overseas balance sheet, is expected to increase by 40 percentage points. This will further strengthen ICICI Bank's already favorable starting liquidity position. Based on this, Goldman Sachs has raised its Earnings Per Share (EPS) estimates for ICICI Bank by 0.4% to 3% over the next three years.