Though we continue to admire core operating performance and business franchise of Axis Bank, the current headwinds clearly indicate more pressure on profitability in the near-term. We believe that the Bank will continue to witness higher credit cost, which will keep its earning profile and return ratio subdued over next 4-6 quarters. Rolling over our estimates to FY19E, we reiterate our HOLD recommendation on the stock with an upwardly revised Target Price of...