Kotak Mahindra Bank shares rise over 6% as Citi and Jefferies upgrade ratings to Buy

Kotak Mahindra Bank shares have increased over 6% in four trading sessions, following upgrades from Citi and Jefferies. Citi raised its rating to 'Buy' and set a target price of ₹2,070, citing expected stability in loan growth. Jefferies also upgraded its rating to 'Buy' and increased its target to ₹2,120. The firm noted that the bank's valuations are now more aligned with realistic potential after 15 months of flat performance. Both brokerages highlighted the importance of improved asset quality and the lifting of regulatory restrictions on the bank's operations. As of midday, shares were trading at ₹1,830.40 on the BSE.