Accumulate Federal Bank Ltd., target Rs 65: Prabhudas Lilladher

Prabhudas Lilladher has an accumulate call on Federal Bank Ltd. with a target price of Rs 65. The current market price of Federal Bank Ltd. is Rs 66.05. Time period given by analyst is year, when Federal Bank Ltd. price can reach defined target. The bank reported a decent quarter led by a pick-up in NII growth on better loan growth and reduced cost of funds. The brokerage pegged PE at 14.3x FY17 and 10.6x FY18 estimated earnings.