After Achieving 52-Week Low, Is ICICI Bank Limited (IBN)’s Near-Term Analysis Negative?

July 16, 2018 - By Jack Shaw

ICICI Bank Limited (NYSE:IBN) Logo

The stock of ICICI Bank Limited (NYSE:IBN) hit a new 52-week low and has $7.27 target or 5.00 % below today’s $7.66 share price. The 5 months bearish chart indicates high risk for the $24.95 billion company. The 1-year low was reported on Jul, 16 by Barchart.com. If the $7.27 price target is reached, the company will be worth $1.25B less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock.

The stock decreased 3.10% or $0.245 during the last trading session, reaching $7.655. About 5.88M shares traded. ICICI Bank Limited (NYSE:IBN) has declined 2.16% since July 16, 2017 and is downtrending. It has underperformed by 14.73% the S&P500.

Analysts await ICICI Bank Limited (NYSE:IBN) to report earnings on July, 26. They expect $0.06 earnings per share, down 40.00 % or $0.04 from last year’s $0.1 per share. IBN’s profit will be $195.53 million for 31.90 P/E if the $0.06 EPS becomes a reality. After $0.05 actual earnings per share reported by ICICI Bank Limited for the previous quarter, Wall Street now forecasts 20.00 % EPS growth.

ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. The company has market cap of $24.95 billion. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others divisions. It has a 21.87 P/E ratio. The firm offers savings, salary, pension, current, other accounts; and fixed, recurring, and security deposits.

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