IDFC First Bank dips 2% as UBS starts coverage at "neutral", citing limited ROA gains despite stable margins.

• UBS sets ₹85 target price, sees only 10% upside; expects muted Q1 due to credit costs and margin pressure.
• ROA seen at ~1% by FY27; NIM to stay ~6.1% through FY25–28, limiting profitability upside.
• Despite a 21% YTD gain, concerns remain over operating leverage, cost efficiency, and long-term return potential.