Federal Bank shares trade flat despite brokerages increasing target prices

Federal Bank Share Price: Federal Bank shares ended flat on Tuesday (October 17) at Rs 148.35 each on BSE despite some of the leading brokerages increasing their target prices for the lender after it posted its second-quarter results on Monday (October 16). 

The stock that closed Monday's trading session at Rs 148.45 opened at Rs 151.35 on Tuesday morning before settling to its closing value in the evening. 

Brokerages' new targets for Federal Bank

Morgan Stanley has maintained an 'Equalweight' rating on the lender, raising its target price to Rs 160 from Rs 145. 

JP Morgan, meanwhile, has also maintained an 'Overweight' rating on the bank, increasing its target price to Rs 170 from Rs 150.

Citi has also maintained its rating of 'Buy' on the bank, raising the target price to Rs 170 from Rs 160.

Federal Bank Q2 Results

Federal Bank on Monday (October 17) released its second-quarter results, reporting a 35.5 per cent (Year on Year) rise in its standalone profit at Rs 935.82 for the July-September quarter.

Revenue from income also rose 33.5 per cent, to Rs 6,185.7 crore in the quarter under review from Rs 4,630.3 crore in the same quarter last year.

The bank clocked  the net interest income of Rs 2,056 crore, a rise of 16.68 per cent from Q2FY23. 

The company's PAT and NII beat Zee Business research estimates of Rs 840 crore and Rs 2,000 crore, respectively.