Brokerages Bet Big on ICICI Bank; Raise Target Price to ₹1,700

Brokerage firms have reacted positively to ICICI Bank’s stellar Q4 performance. Most of them remained bullish on the private lender on the back of strong earnings growth, healthy margins and better asset quality despite macro economic headwinds.

Here’s what brokerages had to say about the stock’s performance

1. CLSA

CLSA raised the target price of the stock to ₹1,700 per share from ₹1,600 per share. It maintained an ‘Accumulate’ rating instead of a full ‘Buy’.

2. Jefferies

The brokerage gave buy rating on the stock increasing the target price to ₹1,710. Jefferies noted the bank's consistent RoA, which was over 2%, while factoring in strong asset equality and solid capital levels among the reasons to stay bullish.

3. Nuvama

The brokerage gave a ‘Buy’ rating to ICICI Bank, highlighting the private lender’s strong PPOP and earning delivery. Nuvama raised its target price to ₹1,630/3.2x BV FY26E from ₹1,470.

As per its report, ICICI Bank delivered a “strong beat on NIM, PAT and asset quality” in Q4FY25. The brokerage also observed a 15 basis point jump in core net interest margin (NIM) quarter-on-quarter, about 2 basis points ahead of Nuvama’s expectations.

4. Noumra

Nomura gave a Buy’ call on the stock and raised the target price to ₹1,690 from ₹1,575. It was also optimistic about ICICI Bank’s performance as the lender reported a robust quarter. ICICI Bank posted a PAT of ₹12,600 cr, up 18% YoY, which was 4% higher than Nomura’s estimate.

“ICICI’s sector-leading delivery across all parameters (asset quality, loan and deposit growth, and RoA) places it a cut above the rest of the sector,” noted the brokerage.

5. Motilal Oswal

The brokerage maintained its bullish stance on ICICI Bank, calling the stock a “preferred Buy in the sector” after the private lender reported a robust quarter (Q4) in FY25. Motilal Oswal raised its target price to ₹1,650 from earlier levels, valuing the stock at 2.7x FY27E ABV.

As per the brokerage, the earnings were driven by expansion in net interest margin (NIM), healthy fee income, and contained provisions.

“ICICI Bank remains our preferred Buy in the sector,” Motilal Oswal said in its report. “We upgrade our earnings estimates by 2.5%/4.2% for FY26/FY27 on the back of positive NIM surprise and controlled credit costs.”

Stock performance

As of 11:45 am, shares of ICICI Bank are trading at ₹1,439.40, up 0.87%.