May 2, 2018 / 6:31 AM / 3 months ago

BUZZ-India's Kotak Mahindra Bank hits record high

** Shares of Kotak Mahindra Bank Ltd jump as much as 5.4 pct to 1,277.2 rupees, an all-time high

** Stock posts biggest intraday pct gain since Jan 25, on track to gain for a fifth straight session

** Brokerages bullish on stock after the Mumbai-based lender reported a 15 percent rise in March-qtr profit on Monday

** Quality core earnings; insurance disclosure surprises positively - Deutsche Bank (DB)

** Morgan Stanley (MS) raises TP to 1,435 rupees from 1,300 rupees, while DB raises TP to 1,370 rupees from 1,280 rupees

** Citi raises TP to 1,430 rupees from 1,230 rupees, while Credit Suisse (CS) lifts TP to 1,070 rupees from 1,010 rupees

** Citi & DB retain ‘buy’ rating on stock, while Macquarie and CS have ‘neutral’; MS keeps ‘overweight’

** Macquarie raises TP to 1,200 rupees on pick-up in Kotak’s loan growth and revaluation of key subsidiaries

** MS expects continued strong earnings, projects 35 pct EPS CAGR in banking business over FY 2019-20

** Twenty-four of 32 brokerages rate the stock “buy” or higher, 6 “hold” and 2 has “sell” or lower rating; median PT at 1,220 rupees - Thomson Reuters Eikon data

** Stock has risen nearly 20 pct this year up to Monday’s close

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