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Buy HDFC Bank; target of Rs 2700: ICICI Direct

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.

April 23, 2019 / 04:37 PM IST
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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.

For all recommendations report, click here

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

Broker Research
first published: Apr 23, 2019 04:37 pm

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