ICICI Direct has given Buy recommendation for IDFC First Bank recommended buy rating on the stock with a target price of Rs 70 in its research rep with a target price of Rs. 70 in its research report issued on Oct 23, 2022
ICICI Direct’s research report on IDFC First Bank
IDFC First Bank was formed by the merger of the erstwhile IDFC Bank and Capital First in 2018. Retailisation of its business has been the key focus. Retail funded assets form 66% of total funded assets • Branch network is at 670 as on September 2022.
We retain our BUY rating on the stock. We value IDFC First Bank at ~1.8x FY24E ABV to arrive at revised target price of Rs 70 per share.