ICICI Direct has given Buy recommendation for Federal Bank recommended buy rating on the stock with a target price of Rs 120 in its research rep with a target price of Rs. 120 in its research report issued on Jan 27, 2022

ICICI Direct’s research report on Federal Bank

Federal Bank is an old private sector bank based out of Kerala with around 1274 branches and 1882 ATM across various states. Strong liability franchisee with over 94% of total deposits being retail • Balanced loan mix with retail: wholesale mix of 54:46.

Outlook

Factoring in a diversified asset mix and improving growth and return ratios outlook, we retain our BUY rating on the stock. Rolling to FY24E, we value Federal Bank at ~1.3x FY24E ABV and maintain our target price at Rs 120 per share.

More Info on Trent

At 17:30 Federal Bank was quoting at Rs 100.15, up Rs 0.15, or 0.15 percent.

It has touched an intraday high of Rs 102.70 and an intraday low of Rs 99.55.

It was trading with volumes of 1,253,679 shares, compared to its thirty day average of 1,257,352 shares, a decrease of -0.29 percent.

In the previous trading session, the share closed up 4.33 percent or Rs 4.15 at Rs 100.00.

The share touched its 52-week high Rs 107.65 and 52-week low Rs 69.00 on 25 October, 2021 and 28 January, 2021, respectively.

Currently, it is trading 6.97 percent below its 52-week high and 45.14 percent above its 52-week low.

Market capitalisation stands at Rs 21,052.98 crore.

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