Buy HDFC Bank; target of Rs 1500: ICICI Direct

ICICI Direct is bullish on HDFC Bank has recommended buy rating on the stock with a target price of Rs 1500 in its research report dated January 25, 2017.

January 25, 2017 / 17:40 IST

26 Aug, 2025 12:21

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ICICI Direct's research report on HDFC Bank

GNPA and NNPA ratios have been stable around 1-1.5% in the last 25 quarters. Retail NPA had risen just once in the FY08 crisis to 2%. However, being a seasoned portfolio, we factor GNPA and NNPA will be stable 1% (Rs 8725 crore) and 0.5% (Rs 3970 crore), respectively, by FY19E.

OutlookWe maintain our target price of Rs 1500 valuing at (3.6x FY19E ABV). We maintain BUY rating. We believe investors would continue to prefer high quality retail private banks owing to their strong visibility and consistency in earnings.

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first published: Jan 25, 2017 05:40 pm

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