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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 October 23, 2022.

October 26, 2022 / 05:27 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 66% of total funded assets • Branch network is at 670 as on September 2022.

Outlook

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.

For all recommendations report, click here

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IDFC First Bank - 251022 - icici

Broker Research
first published: Oct 26, 2022 05:27 pm

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