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Buy HDFC Bank; target of Rs 1920: ICICI Direct

ICICI Direct is bullish on HDFC Bank recommended buy rating on the stock with a target price of Rs 1920 in its research report dated January 15, 2023.

January 16, 2023 / 06:32 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 15.0 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. HDFC Bank is expected to deliver higher than industry growth along with RoA of ~2% in FY25E. Rolling to FY25E, we value HDFC Bank at ~2.8x FY25E ABV & Rs 50 for subsidiaries and revise our target price from Rs 1750 to Rs 1920/share.