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Motilal Oswal Report
IDFC First Bank Ltd.'s shares will remain in focus after domestic brokerage Motilal Oswal Financial Services raised its target price on the private lender following a stronger-than-expected performance in the June quarter.
While the brokerage retained its 'Neutral' rating, it increased the target price to Rs 90 from earlier levels, citing improving asset quality and a stronger earnings outlook.
The bank reported a standalone profit after tax (PAT) of Rs 1,070 crore for Q1 FY27, up 132% YoY and 237% sequentially, significantly ahead of MOFSL's estimates. The earnings surprise was driven by healthy operating performance and lower-than-expected provisioning.
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