ICICI Bank gains 3%, hits new high as brokerages raise target price

Foreign brokerage UBS raised its target price for the stock to Rs 620 from Rs 570, while Nomura raised the target to Rs 645 from Rs 610

Shares of ICICI Bank rallied 3 per cent to Rs 525, also its new high on the BSE on Wednesday, after brokerages retained their ‘buy’ rating on the stock while raising 12-month target price in anticipation of strong earnings going forward. The private sector lender's stock surpassed its previous high of Rs 520, hit on November 28, 2019.

With today’s gain, ICICI Bank has rallied 32 per cent in the past three months, as compared to 11 per cent gain in the S&P BSE Sensex.

According to report, foreign brokerage UBS raised its target price for the stock to