HDFC Bank Hits New All-Time High After CLSA Raises Target Price

On Tuesday, shares of HDFC Bank Limited gained nearly 3% to hit a new high of Rs 1,429.85 on NSE after research firm CLSA raised its price target on the stock from Rs 1,525 to Rs 1,700 per share while retaining the "buy" rating.

It said that the macro-environment has improved after lockdown, adding that the better use of data analytics is leading to lower retail stress against PAT (Profit After Tax) cycles.

The firm feels that in the medium term, OpEx efficiency still has room to improve and the private bank is one of its top picks.

The private lender was recently in the news after its digital payment services were down during the weekend causing net banking, debit card payments, UPI, IMPS, and NEFT to become inoperative. Some customers were not able to receive one time passwords (OTPs) to complete online transactions while others were unable to withdraw cash from ATMs.