Macquarie has maintained its ‘Outperform’ rating on Axis Bank, with a target price of Rs 1,400. The brokerage noted that Axis Bank delivered a decent quarter, although growth concerns remain. The bank’s Profit After Tax (PAT) beat expectations, driven by tax write-backs and treasury gains. Macquarie also highlighted the contingent buffers that have strengthened the balance sheet, with an eye on incremental stress accretion.
However, the report pointed out that loan growth and deposit growth could have been better, emphasizing that these areas need more attention moving forward. The current market price (CMP) of Axis Bank stands at Rs 1,131.00, offering potential upside based on the target price.
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