DBS Sticks to Their Buy Rating for Industrial and Commercial Bank of China (IDCBF)

In a report released today, Manyi Lu from DBS reiterated a Buy rating on Industrial and Commercial Bank of China, with a price target of HK$7.30. The company’s shares closed last Wednesday at $0.78.

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Lu covers the Financial sector, focusing on stocks such as HSBC Holdings, 360 DigiTech, Inc. Class A, and Up Fintech Holding. According to TipRanks, Lu has an average return of 23.4% and an 82.14% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Industrial and Commercial Bank of China with a $0.94 average price target, which is a 20.13% upside from current levels. In a report released on October 23, J.P. Morgan also maintained a Buy rating on the stock with a HK$7.30 price target.

Based on Industrial and Commercial Bank of China’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $391.41 billion and a net profit of $83.95 billion. In comparison, last year the company earned a revenue of $404.57 billion and had a net profit of $82.81 billion