India's IDFC First Bank rises; Motilal Oswal upgrades to 'buy' on earnings recovery outlook
BUZZ-India's IDFC First Bank rises; Motilal Oswal upgrades to 'buy' on earnings recovery outlook ** Shares of India's IDFC First Bank IDFB.NS rise 1.46% to 86.62 rupees
** Motilal Oswal upgrades IDFB to "buy" from "neutral", with PT of 105 rupees, citing improving profitability, operating leverage and controlled credit costs
** Brokerage expects loans to grow at about 21% CAGR over FY26-FY28, supported by vehicle, consumer and gold loans
** Sees pre-provision operating profit growing at 42% CAGR over FY26-FY28 as operating efficiency improves
** Expects return on assets to recover to 1.2% by FY28 as credit costs normalise and previous earnings headwinds fade
** Expects gross and net bad-loan ratios to improve by FY28 to 1.4% and 0.4%, respectively
** IDFB rated "buy" on average by 23 analysts, median PT at 90 rupees- LSEG-compiled data
** YTD, IDFC stock up 1.51%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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