ICICI Bank shares surged by more than 5% on Tuesday, after the bank reported Q4 results largely in line with estimates. After the major private sector lender reported Q4 results largely in line with estimates, global brokerage firms have increased their target price on the shares. ICICI Bank reported a near 50% on-year drop in net profit to Rs 1,020 crore for the fourth quarter ending March 2018. Notably, net profit for Q4FY17 came in at Rs 2,024.60 crore. A Reuters poll had earlier estimated net profit at Rs 955.7 crore. Morgan Stanley has raised its target price on the shares to Rs 425 per share, and said that asset quality continues its path towards normalisation. The shares were trading at Rs 306.1 on NSe, up by more than 5.3% on NSE. According to the research firm, margin improvements in the quarter should allay street fears, and FY19 should show healthier margins as lead prices have corrected. Notably, the bank has reported NII or net interest income at Rs 6,021.67 crore in the quarter from Rs 5,962 crore a year ago. The firm reiterated that ICICI Bank shares remain top pick in the space. Taking stock of the results, CLSA said that while NPAs have risen the the stress book looks stable. CLSA has a buy rating on the shares, with a target price of Rs 375. The key positive according to the firm, was a focus on de-risking corporate book. CLSA has lowered its estimates for FY19-20, and it sees earnings normalising FY20 onwards. Gross non-performing assets (NPAs), as a percentage of total advances, inched upward to 8.84% in the March quarter compared with 7.82% in the December quarter and 7.89% in the year-ago quarter. Further, provisions during the March quarter increased by 1.3 times Rs 6,625.75 crore from Rs 2,898.22 crore in the same period last fiscal. Gross NPA additions during the quarter was Rs 15,737 crore out of which Rs 9,968 crore of loans were under RBI schemes and were classified as standard on December 31, 2017. Credit Suisse has cut ICICI Bank\u2019s share price from Rs 405 earlier to Rs 357 per share. The firm notes that slippages in Q4 spiked led by RBI guidelines, while operating performance is yet to pick up.