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Shares of Kotak Mahindra Bank on Monday hit a record high. The stock rose as much as 1.4 per cent to hit a record high of Rs 1,134.9.
Deutsche Bank has raised the stock rating to “buy” from “hold” and price target to Rs 1,208 from Rs 1,100 amid higher confidence on growth.
Confidence arises due to weakening competition, rising credit demand, and the company’s capabilities to capture the market share “without impacting its profitability and pristine asset quality”, say DB analysts.
The bank has now reached an inflection point in its liability strategy, DB analysts said, adding that strong customer growth and digital initiative were expected to drive strong profitability.
At least 22 of 32 brokerages rate the stock as “buy” or higher, eight “hold” and two “sell” or lower; their median price target is Rs 1,200.
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