Buy IDFC First Bank; target of Rs 60: ICICI Direct
ICICI Direct is bullish on IDFC First Bank has recommended buy rating on the stock with a target price of Rs 60 in its research report dated August 02, 2021.
August 05, 2021 / 09:52 AM IST
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 64% of gross funded assets Branch network is at 601 with 703 ATMs as on June 2021
We retain our BUY rating on the stock We value IDFC First Bank at ~1.6x FY23E ABV and arrive at a revised target price of Rs 60 per share (earlier Rs 65).
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