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Buy HDFC Bank; target of Rs 1650: ICICI Direct

ICICI Direct is bullish on HDFC Bank has recommended buy rating on the stock with a target price of Rs 1650 in its research report dated May 11, 2022.

May 12, 2022 / 04:06 PM IST
 
 
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ICICI Direct's research report on HDFC Bank


HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations. Largest private sector bank with loan book of Rs 13.7 lakh crore • Consistent performance with +4% NIM and +15% RoE in past many years.


Outlook


We remain positive and retain our BUY rating on the stock. We lower our target multiple on HDFC Bank at ~3x FY24E ABV & Rs 50 for subsidiaries; thus reducing our TP from Rs 2000 to Rs 1650.


For all recommendations report, click here

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first published: May 12, 2022 04:06 pm
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