October 11, 2017 / 6:21 AM / 2 months ago

BUZZ-India's Axis Bank rises; CLSA upgrades to 'buy'

** Shares of Axis Bank Ltd rise as much as 1.7 pct to 523.30 rupees, their highest since Sept 19

** CLSA upgrades stock to “buy” from “outperform”; raises PT to 620 rupees from 600 rupees

** Says Axis’ stress loan ratio is stabilising, retail business “continues to grow well”, and valuations are attractive after recent underperformance in shares

** “We believe valuations are attractive and can rerate (stock) as asset quality normalises, which along with a low base of earnings, will lift growth,” CLSA analysts write in note, forecasting better earnings from second half of 2017/18

** Nineteen of the 47 analysts covering Axis have “buy” or equivalent ratings, 15 have “hold” and 13 have “sell” or equivalent; median PT 530 rupees - Thomson Reuters data

** Axis Bank shares had risen about 14 percent this year up to Tuesday’s close

** Axis Bank reports September-quarter results next Tuesday

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