Reuters Market Eye - Deutsche Bank downgrades IDFC to "hold" from "buy" and cuts its target price to 110 rupees from 150 rupees citing challenging operating environment.
The investment bank says its earlier expectations of loan growth revival for IDFC are unlikely to come through as there is neither fresh capex in infrastructure nor the company is in a position to gain assets via refinance.
Deutsche also says the recent rise in funding costs and intense competition among lenders for operating assets mean the company's spreads should remain under pressure. * IDFC shares down 0.3 percent at 9:45 a.m..
(abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.thomsonreuters.com@reuters.net)
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