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Buy IDFC First Bank; target of Rs 70: ICICI Direct

ICICI Direct is bullish on IDFC First Bank recommended buy rating on the stock with a target price of Rs 70 in its research report dated January 23, 2023.

January 24, 2023 / 07:51 PM IST
 
 
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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 ~67% of total funded assets • Branch network is at 707 as on December 2022.

Outlook

Thus, we retain our BUY rating on the stock. Rolling to FY25E, we value IDFC First Bank at ~1.5x FY25E ABV and maintain target price of Rs 70 per share.