HDFC Bank Shares Continue Freefall: Why Several Brokerages Are Strongly Bullish
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Shares of HDFC Bank continued to tank on Tuesday going down over 3% to hit a new 52-week low of ₹1,425.

What Happened: Investor sentiments around stock have remained dampened ever since the lender’s December quarter results failed to meet street expectations. In the last five sessions, shares of the bank have sunk close to 15%.

However, brokerages seem to be still strongly bullish on the stock. At least 13 brokerages from across the board have a positive rating on the stock. Domestic brokerages Motilal Oswal, ICICI Direct, Axis Direct, KRChoksey, Prabhudas Liladhar, Kotak Securities, BOB Capital Markets, and Sharekhan all have a buy rating in HDFC.

Jefferies, CLSA, Morgan Stanley, and Berstein, also reiterated their positive stance on the stock.

Brokerage FirmTarget PriceUpsideRecommendation
ICICI Direct180025.96%Buy
KRChoksey195036.46%Buy
Axis Direct197538.21%Buy
Prabhudas Lilladhar200039.96%Buy
BOB Capital Markets Ltd.189632.68%Buy
Sharekhan190032.96%Buy
Motilal Oswal195036.46%Buy
Kotak Securities186030.16%Buy
CLSA2,02540%Buy
HSBC1,95036.46%Buy
Jefferies2,00039.96%Buy
Morgan Stanley 2,10046.95%Outperform
Bernstein2,20053.95%Outperform
All figures in ₹. The upside is calculated based on the current market price of around ₹1,429.

While the brokerages acknowledged the lukewarm performance in the December quarter, they showed hope that the company is likely to bounce back. The company’s management has also suggested that NIMs will improve gradually over the coming years, which along with an improvement in operating leverage will enable the bank to deliver healthy return ratios.

Price Action: HDFC Bank’s share price was down 3.08% to trade at ₹1,433.30 on Tuesday afternoon.

Read Next: Rekha Jhunjhunwala-Backed Midcap Stock Rockets 9% After Q3 Results

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EquitiesPrice TargetMarketsMoversTrading IdeasHDFC Bank