Analysts see better run for ICICI Bank stock after strong 2019 performance

The view comes amid a deteriorating economic environment where growth has slipped to the slowest pace in six years

India’s top performing bank stock is getting more love from analysts even after its strong run of gains in 2019.

ICICI Bank Ltd., with a 45% climb this year that’s the most among a gauge of the nation’s financial stocks, has a recommendation consensus of 4.87 on a Bloomberg scale where 5 is a unanimous buy. That’s close to its highest reading in at least a decade. The lender remains a buy for all but one of the 57 brokerages compiled by Bloomberg.

“The stock has done well, yet we think the scope for meaningful re-rating over the next 12-18 months