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Analysts Discuss ICICI Bank Limited’s (IBN) Potential

ICICI Bank Limited (NYSE:IBN) at last check was buoying at $21.49 on Friday, September 23, with a fall of -3.50% from its closing price on previous day.

Taking a look at stock we notice that its last check on previous day was $22.27 and 5Y monthly beta was reading 0.99 with its price kept floating in the range of $22.185 and $22.53 on the day. Company’s P/E ratio for the trailing 12 months is 22.70. Considering stock’s 52-week price range provides that IBN hit a high price of $23.49 and saw its price falling to a low level of $16.36 during that period. Over a period of past 1-month, stock came adding 2.67% in its value.

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With its current market valuation of $78.83 billion. IBN Stock’s Forward Dividend of 0.13 and its yield of 0.57% are making investors’ thoughts stronger that it could climb further before the company announces its earnings for the current quarter. Analysts are in estimates of $0.22 per share for company’s earnings in the current quarter and are expecting its annual EPS growth moving up to $0 for 2022 with estimates of that growing to $1.06 in next year.

In keeping analyst consensus estimate with, company is forecasted to be making an annual revenue of $8.3 billion in 2022, which will be 32.40% more from revenue generated by the company last year.

In last 7 days, analysts came adjusting their opinions about stock’s EPS with no upward and no downward revisions, an indication which could give clearer idea about the company’s short term price movement. In contrast, when we review IBN stock’s current outlook then short term indicators are assigning it an average of 50% Buy, while medium term indicators are categorizing the stock at an average of 75% Buy. Long term indicators are suggesting an average of 100% Buy for it.

Digging deeper we become aware of the PEG ratio of the IBN stock which is currently positioned at 1.11. It further provides that stock’s current price level is -4.24% away from its 20-day simple moving average and is -0.15% off its SMA50. Its relative strength index (RSI) for 14-periods is oscillating at 40.98 while volatility remained at 1.73% over the past week which changes to 1.51% when measuring it over the past month. Beta is valued at 1.05, while measure of average true range or ATR is currently at 0.41. In predicting price targets of as low as $23.36 and as high as $30.66, analysts are in agreement on assigning the stock over the next 12 months average price target of $25.66. Stock’s current price level is -8.7% above from estimated low price target while it is -42.67% below the estimated high; and even if the IBN’s share succeeded to reach the median price of $25.62, then the outlook of -19.22% could come to the excitement of the investors.

Having a second look at ICICI Bank Limited (NYSE:IBN) provides that stock’s average daily trading volume for 3 months was 7.50 million, while it jumped to 9.71 million when we calculate an average volume for past 10 days. Number of outstanding shares of the stock stood at 3.48 billion.

The percentage of outstanding shares held by the insiders is 62.40% while it is 16.50% for the institutional holders. The figures also indicate that as of Jul 14, 2022, number of stock’s short shares was 21.97 million which implies a short ratio of 2.64. This shows down a 0.63% of Short Interest in company’s outstanding shares on the day. In July the standing of shares short improved as it was 24.33 million in the previous month. Addition of 12.53% by stock’s current price to its year-to-date value in today’s trading is likely to be increasing investors’ interest in the stock as it is hinting an extended uptrend.

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