Some foreign brokerageshadput sell on private banks due to expected compression in margins. However, BNP Paribas has cut its target prices for banks due to expected multiple contraction and increase in risk premiums, although upgrade earnings will factor in the impact of policy rate cuts. The bank will cut its target price to Rs 620 from Rs 950 for ICICI Bank, Rs 90 from Rs 120 for IDFC and Rs 2250 from Rs 2650 for HDFC   read more »