April 9, 2018 / 4:07 AM / 14 days ago

BUZZ-India's Kotak Mahindra hits record high, Deutsche Bank raises rating, PT

** Shares of Kotak Mahindra Bank rise as much as 1.4 pct to hit a record high of 1,134.95 rupees

** Deutsche Bank raises stock’s rating to “buy” from “hold” and price target to 1,208 rupees from 1,100 rupees amid higher confidence on growth

** Confidence arises due to weakening competition, rising credit demand, and co’s capabilities to capture market share “without impacting its profitability and pristine asset quality” - DB analysts

** Bank has now reached an inflection point in its liability strategy, DB analysts write, adding that strong customer growth and digital initiative expected to drive strong profitability

** At least 22 of 32 brokerages rate the stock “buy” or higher, eight “hold” and two “sell” or lower; their median PT is 1,200 rupees

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