ICICI Direct has given Buy recommendation for IDFC First Bank with a target price of Rs. 60 in its research report issued on Nov 01, 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 67% of gross funded assets Branch network is at 599 with 720 ATMs as on September 2021

Outlook

We retain our BUY rating on the stock We value IDFC First Bank at ~1.6x FY23E ABV and maintain target price of Rs 60 per share

 

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