Sharekhan is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 80 in its research report dated April 23, 2020.
Sharekhan's research report on Federal Bank
Initial signs indicate that COVID-19 outbreak may result in higher delinquencies and lower credit offtake for BFSI companies, including Federal Bank. Federal Bank has a 51% wholesale book and ~37% of NRE deposits, which are expected to see COVID-19 related impact. We have fine tuned our estimates and revised our target multiple in light of the dynamic environment. However, post market correction, we opine most negatives are factored in the price.
Outlook
We maintain our Buy rating on the stock with a revised price target of Rs. 80.
For all recommendations report, click here
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