cuts, stronger-than-expected loan recoveries, and reduced
* BofA Merrill also upgrades its price objectives for private
banks, retaining ICICI Bank Ltd as its top pick, and
HDFC Bank Ltd and Axis Bank Ltd as its
"preferred" names. All three banks have 'buy' ratings.
* "Private banks will likely continue to deliver structurally
superior earnings and RoEs, especially over the medium term,"
BofA Merrill says in a note dated Tuesday.