Brokerage Views: ICICI Bank, Kotak Mahindra Bank, HDFC Life among others in focus today

Here's what they suggest on RBL Bank and JSW Steel, which also reported their financial results for the October-December period last week.

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Global brokerages are upbeat on ICICI Bank, Kotak Mahindra Bank, HDFC Life, and SBI Life. Here's what they suggest on RBL Bank and JSW Steel, which also reported their financial results for the October-December period last week.

Here are some key stocks under brokerages' radar:

ICICI Bank

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Private lender ICICI Bank delivered impeccable earnings for the October-December quarter, according to several brokerages. They believe Q3 growth in the bank was mainly driven by net interest margin (NIM) expansion and robust loan growth.

Also Read: ICICI Bank Q3FY23 Results: Private lender’s profit, NII each grow 34%; asset quality improves - beat estimates

CLSA and Jefferies have a 'buy' call each on ICICI Bank. Morgan Stanley and JP Morgan have maintained 'overweight' on the stock. They expect the stock to grow up to 44 per cent in value.

On Friday, ICICI Bank shares closed at Rs 870 per share.

Brokerages	Rating	Price Target
Morgan Stanley	Overweight	INR 1250
JP Morgan	Overweight	INR 1150
Jefferies	Buy	INR 1150
CLSA	Buy	INR 1175
CITI	Buy	INR 1100

Kotak Mahindra Bank

Despite strong Q3 earnings, brokerages are divided on Kotak Mahindra Bank. The lender reported robust numbers on all fronts including asset quality and margins, and said it expects this growth trajectory to continue going forward.

Also Read: Kotak Mahindra Bank Q3FY23 Results: Profit, NII grow over 30% YoY; beat estimates – asset quality improves

CLSA maintained a 'buy' rating and Jefferies an 'outperform' on Kotak Mahindra Bank. Clarity on the CEO succession as well as retail liability accretion will be key, according to CLSA and Jefferies.

Brokerages	Rating	Price Target
Morgan Stanley	Equalweight	INR 2215
JP Morgan	Neutral	INR 2070
Jefferies	Buy	INR 2470
CLSA	Outperform	INR 2080
CITI	Neutral	INR 2010

HDFC Life Insurance

Most of the brokerages have retained either 'buy' or 'overweight' ratings on HDFC Life. The private insurer on Friday reported a healthy set of earnings for the quarter ended December 2022. They see HDFC Life stock growing up to 35 per cent in value going forward.

Brokerages	Rating	Price Target
Morgan Stanley	Overweight	INR 710
JP Morgan	Overweight	INR 720
Jefferies	Buy	INR 800
CLSA	Buy	INR 720
CITI	Buy	INR 695
HSBC	Buy	INR 700
Macquarie	Outperform	INR 655

SBI Life Insurance

SBI insurance arm SBI Life Insurance reported a set of earnings that was in line with analysts' estimates. CLSA, Citi, Jefferies, JP Morgan, and Macquarie are positive on the insurer.

Also Read: Stock Market Today LIVE: Sensex rises 450 pts, Nifty50 near 18,150; Tata Motors, IndusInd, Kotak Bank top gainers

Brokerages	Rating	Price Target
Macquarie	Outperform	INR 1580
JP Morgan	Overweight	INR 1630
Jefferies	Buy	INR 1580
CLSA	Buy	INR 1700
CITI	Buy	INR 1755

JSW Steel

After JSW Steel's reported a nearly 90 per cent decrease in its Q3 profit, most brokerages are skeptical about the steelmaker. “Net debt continued to rise and Expect profitability to rise in Q4 on higher steel prices and lower costs," according to CLSA.

Brokerages	Rating	Price Target
Morgan Stanley	Underweight	INR 490
JP Morgan	Neutral	INR 630
Jefferies	Underperform	INR 470
CLSA	Sell	INR 640
CITI	Sell	INR 675
Nomura	Reduce	INR 570

IDFC First Bank

CLSA upgraded IDFC First Bank to Buy from Outperform with a revised target price to Rs 75 from Rs 63 per share as Q3 earnings of the bank beat estimates on most fronts and NIM improves by 40 basis points. It added that CLSA is executing well on liabilities in a tough cycle and assets growing well.

RBL Bank

Morgan Stanley maintained an Underweight rating on RBL Bank with a lower target price of Rs 130 per share. The stock on Friday closed at Rs 170 per share.

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