“Maintained 'Buy' on ICICI Bank, raising its target price to Rs 1,710 from Rs 1,630, implying an 18.4% upside. The bank deserves a premium valuation among large private sector banks due to sector-leading loan growth, superior NIM management, and strong asset quality trends. JM Financial raised FY27 and FY28 EPS estimates by 2-5%, expecting an average RoA of 2.3% and RoE of 17% over FY27-28E.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%