ICICI Direct has given Buy recommendation for Federal Bank recommended buy rating on the stock with a target price of Rs 155 in its research rep with a target price of Rs. 155 in its research report issued on Oct 15, 2022

ICICI Direct’s research report on Federal Bank

Federal Bank is an old private sector bank based out of Kerala with 1305 branches and 1876 ATM across various states. Market share in advances and deposits was at 1.24% and 1.08%, respectively, as of September 2022 • Balanced loan mix with retail: wholesale mix of 54:46.


Thus, we upgrade our rating from HOLD to BUY. Federal Bank is expected to deliver credit growth higher than industry growth and RoA of ~1.25% in FY24E. Thus, we value Federal Bank at ~1.5x FY24E ABV and revise our target price from Rs 135 to Rs 155 per share.

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