Nomura upgrades ICICI Bank to "buy" from "neutral" saying the Indian lender was "better shielded from the asset quality deterioration" in the banking sector, and expects return on equity to increase by 15 percent by fiscal 2013.
Nomura also upgraded its target price for ICICI Bank to 1,165 rupees from 925 rupees.
ICICI shares were down 0.4 percent at 916.00 rupees as of 0347 GMT.
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