Morgan Stanley has maintained its Overweight rating on ICICI Lombard, projecting a 19% upside with a target price of Rs 2400. The company’s Q2 results were in line with estimates, but beat consensus expectations.
Morgan Stanley acknowledges some downside risks to premium growth, but expects consensus earnings to be upgraded following these results. ICICI Lombard’s market share gains and improvement in the combined ratio are seen as key positives. Additionally, the recent correction in the stock price positions the company well, especially compared to a weak broad market.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Please consult a financial advisor before making any investment decisions.
