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This article is more than 11 month old.

HDFC Bank sees target price upgrades of 5-22% after strong Q2

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HDFC Bank reported a strong set of numbers, which indicated that a bulk of the impact of COVID-19 on India's premier bank, could be behind.

HDFC Bank sees target price upgrades of 5-22% after strong Q2
HDFC Bank reported a strong set of numbers, which indicated that a bulk of the impact of COVID-19 on India's premier bank, could be behind.
Brokerages said that the collection efficiency of the bank improved to pre-COVID levels for non-moratorium loans and 95 percent for loans under moratorium.
They added that the bank has made sufficient provisions to strengthen its balance sheet and prevent it from any shocks from stressed assets.
Besides, fee income growth surprised positively while NIM too bottomed out in Q2.
Going forward, restructuring accounts could be in lower single digits of 1-2 percent of loans, brokers said.
In the above backdrop, almost all brokerages have increased their target price based on rollover to H1FY23E book value. HDFC Bank remains the top pick amongst almost all the analyst. Here's a look at brokers' latest price targets on the stock.
BrokerageRecommendationTarget Price (Rs/share)
CLSABUYRevised to 1525 from 1450
JefferiesBUY1450 from 1350
MacquarieOutperform1489 from 1219
EdelweissBUY1490 from 1335
ICICI SecBUY1493 from 1470
MOSLBUY1400 from 1280
EmkayBUY1490 from 1335
Axis CapBUY1450 from 1350
NomuraBUY1450 from 1325
Kotak SecADD1300 from 1200