UBS initiates coverage on IDFC First Bank with neutral call, cites profitability constraints despite 12% upside
UBS has initiated coverage on IDFC First Bank with a “neutral” rating and a target price of Rs 85, implying a potential upside of nearly 12% from current levels. The brokerage flagged structural profitability challenges, driven by elevated credit costs and operating expenses, that may cap returns despite sectoral tailwinds and growth in core operations….