ICICI Direct is bullish on HDFC Bank has recommended buy rating on the stock with a target price of Rs 2700 in its research report dated April 22, 2019.
ICICI Direct's research report on HDFC Bank
HDFC Bank reported a healthy performance in line with our estimates, supported by an improvement in margins to 4.4% from 4.3%. NII came in healthy at ~21% YoY to Rs 13089 crore while operating profit came in strong at Rs 10778 crore, up 28% YoY, above our estimate of Rs 10844 crore. Healthy operating performance & contained provisions kept earnings growth strong at Rs 5885 crore, up 22.6% YoY, in line with our estimate of ~Rs 5879 crore.
We upgrade our target price to Rs 2700 valuing at ~21x FY21E EPS (3.6x FY21E ABV) and include Rs 150 per share for HDB Financial Services. We maintain our BUY recommendation.
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