“Upgraded ICICI Bank to 'Outperform' with a target price of Rs 1,800, implying a 27% upside. The bank has returned to a higher growth trajectory than peers, supported by benign asset quality and resilient net interest margins, which are expected to cushion peak profitability. The overall banking sector outlook has also improved, with easing competitive intensity from public sector banks. Key risks are macroeconomic, not bank-specific.”