ICICI Direct has given Buy recommendation for IDFC First Bank with a target price of Rs. 65 in its research report issued on Jan 31, 2021

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 key focus. Retail funded assets form 62% of gross funded assets Branch network is at 599 with 727 ATMs as on December 2021


We retain our BUY rating on the stock We value IDFC First Bank at ~1.6x FY24E ABV and arrive at a revised target price of Rs 65 per share (earlier Rs 60).


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