Buy HDFC Bank; target of Rs 2251: Prabhudas Lilladher

Prabhudas Lilladher is bullish on HDFC Bank has recommended buy rating on the stock with a target price of Rs 2251 in its research report dated April 21, 2018.

Broker Research

April 23, 2018 / 16:30 IST

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Prabhudas Lilladher's research report on HDFC Bank

HDFCB continued its strong 20% YoY earnings growth trajectory at Rs47.99bn (PLe: 47.88bn). NII was lower than expectations on back of sharp deposit growth leading to higher interest cost. Slower NII was offset by strong other income growth of 23% YoY especially from fees and with controlled opex, PPOP grew by 21% YoY.

Outlook

Retain BUY with increased TP of Rs2,251 (up from Rs2,136) based on 4.3x Mar-20 ABV (rolled from Sep-20). Remains as one of our top picks in a challenging environment.For all recommendations report, click here

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Broker Research

first published: Apr 23, 2018 04:30 pm

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