Up to 40% return! Morgan Stanley sees second leg of rerating coming to banks
Morgan Stanley said Axis, SBI and Bank of Baroda (BOB) appear attractive, with room to re-rate further as core pre-provision operating profit (PPoP) growth accelerates. ICICI Bank, it said, is already trading at above mean valuations, but the brokerage believes its profitability and franchise are significantly better than history and think the stock has further room to re-rate.
