ICICI Direct has given Buy recommendation for Federal Bank with a target price of Rs. 120 in its research report issued on Oct 23, 2021
ICICI Direct’s research report on Federal Bank
Federal Bank is an old private sector bank based out of Kerala with around 1272 branches and 1874 ATM across various states. Strong liability franchisee with over 91% of total deposits being retail Balanced loan mix with retail: corporate mix of 54:46
Factoring in a diversified asset mix and improving digital footprint, we retain our BUY rating on the stock We value Federal Bank at ~1.4x FY23E ABV to arrive at a revised target price of Rs 120 from Rs 100 per share earlier.