Morgan Stanley upgrades ICICI Bank to 'overweight'

Morgan Stanley upgraded ICICI Bank Ltd to "overweight" from "equal-weight" and has raised its target price to  Rs 1,250 from  Rs 1,235 , as it expects a pickup in consumer loan growth to drive performance.

Morgan Stanley also cites valuations as well as ICICI's efforts to "repair" its balance sheet and improve profitability.

ICICI Bank shares gain 1.7 % to 1005.60 rupees.