Shares of private sector lender IDFC First Bank will be in focus on Monday as global broking firm Jefferies initiated coverage on the stock with a ‘Buy’ rating and suggested a target price that hinted at 24% upside potential. Jefferies has a target of ₹100 on the stock.The foreign brokerage said that IDFC First Bank has built a well-rounded platform, arguably among the most improved deposit franchises. Jefferies expects return on assets (ROA) to improve to 1.5% and return on equity (ROE) to 14%, leading to a re-rating of the stock.In a note, the brokerage said that operational efficiencies will play out from the second half of the current financial year (H2FY25). “Over FY24-27 strong…
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IDFC First Bank shares may rally to ₹100, says Jefferies on strong growth prospects
