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This is an archive article published on August 30, 2011

Axis Bank stock upgraded to ‘buy’

Goldman Sachs reduced 12-mth stock target price for Indian financial sector by up to 23%.

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Goldman Sachs has reduced 12-month stock target price for Indian financial sector by up to 23 percent as the stocks have corrected 34 percent recently.

Other concerns the investment bank has raised are higher NPLs,lower-than-estimated loan growth and deterioration in global economy.

While inflation is yet to peak and fall,and concerns of NPLs will likely persist in the near term,we believe long-term investors should build positions selectively,Goldman Sachs said in a report.

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It has reiterated buy rating on IndusInd Bank ,ICICI Bank,YES Bank,Bank of Baroda and Punjab National Bank (PNB).

Meanwhile,Axis Bank stock has been upgraded to buy on attractive valuations,while its target price has been cut to 1,350 rupees from 1,460 rupees. We believe the market is already factoring in high NPLs and some stocks such as PNB and Axis Bank in our analysis now face limited downside risk,Goldman Sachs said. At 12:53 p.m.,shares in Axis bank were at 1,068.95 rupees,up 2.79 percent.

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