IDFC First Bank shares surge following Investec upgrade
IDFC First Bank's stock jumped 5.5% after Investec upgraded its rating from "hold" to "buy" and bumped up the price target to ₹90.
That means analysts see a possible 23.5% upside from where the stock closed before.
Why the stock is buzzing today
If you're curious about stocks or just like seeing what's hot in finance, this is a big move for IDFC First Bank.
The upgrade comes as more analysts are backing the bank—15 out of 25 now recommend buying it—and shares have already climbed over 18% this year thanks to better earnings forecasts and tighter operations.
Bank's profits seen growing at 29% annual rate through FY2028
Investec expects the bank's profits to grow at a solid 29% annual rate through FY2028, helped by lower costs and fewer bad loans.
Even though profits dipped last quarter, net interest income went up nearly 10%.
If all goes as planned, return on assets could more than double by 2028—something investors definitely notice.