UBS downgrades Axis Bank on muted earnings growth

UBS downgraded Axis Bank to “neutral” from “buy”, citing “increasing” quality risks, “muted” earnings growth and a 28 percent share price increase in the Indian lender so far this year.

[caption id=“attachment_437823” align=“alignleft” width=“380”] Reuters[/caption]

UBS also cut its price target on the stock to Rs 1,100 from Rs 1,220 in a report on Friday.

Axis Bank shares were down 0.5 percent at Rs 1,008.00.

Reuters