ICICI Bank shares rise 3% after Q1 results. Why Bernstein and 4 other brokerages see up to 32% upside

ICICI Bank shares rose 3 percent after reporting a 15.9 percent YoY rise in Q1 standalone net profit to Rs 14,805 crore, with net interest income up 12.7 percent YoY at Rs 24,384 crore. Five brokerages — Bernstein, Motilal Oswal, JM Financial, Centrum, and Dolat Capital — maintained or upgraded Buy/Outperform ratings, setting target prices implying 18 to 32 percent upside. Key positives highlighted include resilient NIMs, robust asset quality with a Rs 131 billion contingency buffer, and 19.6 percent YoY loan growth — the fastest in 14 quarters.