Jefferies raised the target price to Rs 1,800 from Rs 1,730 and IIFL raised it to Rs 1,800 from Rs 1,745. Prabhudas Lilladher has raised it to Rs 1,690 from Rs 1,645 and IDBI Capital has raised it to Rs 1,740 from Rs 1,430.
IDBI Capital said HDFC Bank would see the best revival in growth within the sector as the overall economy continues to improve.
Brokerages have raised price targets on India’s largest private sector lender HDFC Bank after the lender reported an 18 per cent rise in its net profit for the December quarter to Rs 8,758.3 crore, beating Street estimates. The lender also reported a 15.1 per cent rise in net interest income, which was also above estimate. Shares of HDFC Bank ended down 0.1 per cent at Rs 1,467 on Friday. ICICI Securities raised the target price to Rs 1,730 from Rs 1,693 and Edelweiss raised it to Rs 1,730 from Rs 1,490. Jefferies raised the target price to Rs 1,800 from Rs 1,730 and IIFL raised it to Rs 1,800 from Rs 1,745. Prabhudas Lilladher has raised it to Rs 1,690 from Rs 1,645 and IDBI Capital has raised it to Rs 1,740 from Rs 1,430. All of them have maintained a buy rating on HDFC Bank.
“Uncertain times put a premium on resilience, which is what HDFC Bank offers — a strong balance sheet and likely higher residual capital than most. This ensures that its best-in-class franchise can support an adequately large balance sheet after this crisis and fulfil its earnings potential,” said Edelweiss in a note. IDBI Capital said HDFC Bank would see the best revival in growth within the sector as the overall economy continues to improve
