IndusInd Bank - Maintain Overweight; Hike TP to Rs 1725 from Rs 1525
AU SFB - Maintain Overweight; Hike TP to Rs 965 from Rs 835
RBL Bank - Maintain Underweight; Hike TP to Rs 180 from Rs 130
YES Bank - Maintain Underweight; Hike TP to Rs 18.1 from Rs 17.5
Private banks better placed than SoE banks
See better growth and operating leverage relative to SoE banks
View on structural preference for retail franchises remains unchanged
Shift preference towards wholesale-funded banks, which have taken the pain of higher funding cost up-front
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