April 9, 2013 / 4:27 AM / 4 years ago

Morgan Stanley upgrades ICICI Bank to 'overweight'

Customers use ATM machines at an ICICI Bank branch in Mumbai January 30, 2013.Vivek Prakash/Files

Reuters Market Eye - Morgan Stanley upgraded ICICI Bank Ltd(ICBK.NS) to "overweight" from "equal-weight" and has raised its target price to 1,250 from 1,235 rupees, as it expects a pickup in consumer loan growth to drive performance.

Morgan Stanley also cites valuations as well as ICICI's efforts to "repair" its balance sheet and improve profitability.

ICICI Bank shares gain 1.7 percent to 1005.60 rupees.

Reporting by Manoj Dharra

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