HomeMarket NewsCiti raises target price on HDFC Bank, here’s why

Citi raises target price on HDFC Bank, here’s why

Profile image

By Nimesh Shah  September 23, 2021, 11:44:37 AM IST (Updated)

Citi has raised the target price on HDFC Bank to Rs 1900. They have raised the FY22 and FY23 net profit estimates by 2-3 percent. They expect a strong earnings growth of 24 percent CAGR over the next three years, and an average RoE of 18 percent.



The reason they are positive is because they believe that HDFC Bank’s recent underperformance both to the Nifty and the Bank Nifty as well as its recent concerns are overdone. They expect most of the things to get reversed from the second quarter of FY22.

Also Read: Top stock tips by Sudarshan Sukhani, Mitessh Thakkar: Bata, IGL, Hero MotoCorp and more

So, on back of all this, they have opened a 90-day positive catalyst on the stock and Citi has raised the target price now to Rs 1900 versus an earlier target of Rs 1800 on the stock.

Click Here: For LIVE stock market action

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!