CLSA has downgraded IDFC First Bank from 'buy' to 'underperform', causing a 6% fall in the bank's shares. The brokerage firm also lowered the target price for the stock to Rs 85. Despite the downgrade, Elixir Equities' Dipan Mehta praised the bank's efforts in assembling retail deposits and having some of the best net interest margins in the sector. While IDFC First Bank's share price has more than doubled over the last year, valuations are being stretched at roughly 1.8 times 1-year forward PB.
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