Decoding the Street's bullishness on ICICI Bank in the time of Covid-19

All analysts are optimistic on the stock, which hasn't seen any downgrade so far

The Street’s bullishness on ICICI Bank, at a time of extreme cautiousness around banking stocks, comes as a surprise. This is because analysts are not even sparing frontline names during ratings downgrade.

For one, it hasn’t received any downgrade so far, with all analysts having a positive rating (a couple have hold) on the stock, according to Bloomberg polls.

Second, seen in the larger context of a one-year price correction, ICICI Bank’s 17 per cent decline fares better than HDFC Bank’s or Axis Bank’s 24 per cent