The last six months was a smooth ride for the IDFC First Bank stock, with neat gains of 13 per cent. However, Morgan Stanley’s underweight report published on March 6 derailed its run — it fell 4.5 per cent on Thursday.
The report comes when domestic brokerages are positive on the bank and foreign ones are not. Besides Morgan Stanley, Deutsche Bank, too, has a ‘sell’ rating, while Nomura, Credit Suisse, and Goldman Sachs are all neutral on the stock. Scepticism largely emanates from the mismatch between the tall targets set by its new management and ...
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