Shares of ICICI Bank rose as much as 4.1 per cent to Rs 330.70, the highest since November 17, 2017. The stock is the top percentage gainer on the broader NSE index.

At about 10.20 am, the stock was trading 3.57 per cent higher or Rs 11.35 at Rs 329.05 on the NSE.

“We believe the share price will rise in absolute terms over the next 60 days,” Morgan Stanley analysts said in note and raised the target price to Rs 480 from Rs 365, rating 'overweight'.

Morgan Stanley sees greater than 50 per cent potential returns from owning ICICI Bank stock; adds that ICICI offers best risk-reward in near term.

While the brokerage is positive on Asian banks in 2018, no other large cap bank offers more than 50 per cent upside after a strong 2017, the analysts added.

42 of the 45 analysts covering the stock have a “buy” or higher rating, one has “hold” while two rate it at “sell” or lower; median PT is Rs 356.50, according to Thomson Reuters data.

Up to Friday's close, the stock had risen 30.2 per cent in 12 months.

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