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Morgan Stanley upgrades Federal Bank rating, ups price target 20%
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Morgan Stanley upgrades Federal Bank rating, ups price target 20%
Apr 30, 2021 2:41 AM

Morgan Stanley has upgraded its rating on the Federal Bank stock to ‘overweight’ from ‘equalweight’ and has raised the target price to Rs 110 from Rs 90 earlier. It believes the bank’s earnings are at an inflection point.

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The stock has underperformed over the last decade largely on asset quality concerns and that has weighed on profitability as well as on valuations.

However, Morgan Stanley believes that is changing now as underwritings have improved and the bank has opened up new revenue pools.

Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.

To watch other videos in this series, click on the Standout Brokerage Report tab below.

(Edited by : Santosh Nair)

First Published:Apr 30, 2021 11:41 AM IST

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