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Budget 2021

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Buy HDFC Bank; target of Rs 1500: Sharekhan

Sharekhan is bullish on HDFC Bank has recommended buy rating on the stock with a target price of Rs 1500 in its research report dated October 16, 2020.

October 19, 2020 / 06:47 PM IST
 
 
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Sharekhan's research repor on HDFC Bank


HDFC Bank’s Q2FY2021 results were strong with operational performance in line with expectations, and asset quality improved on a q-o-q basis, results indicated a revert to normalcy. Management commentary was positive and indicated a bright long-term outlook. Collection trends were encouraging, with demand resolutions (collections efficiency) at ~95% in September 2020 and 97% in October 2020. HDFC Bank currently trades at 2.9x/2.5x its FY2022E/FY2023E book value per share (BVPS). We have introduced FY2023E estimates in this note. We expect HDFC Bank’s business quality and franchise strength will help it tide over near-term challenges.


Outlook


We retain our Buy rating on the stock with a revised price target (PT) of Rs. 1,500.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Oct 19, 2020 06:47 pm

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