HDFC Bank Shares Extend Gains As Brokerage Sees 50% Upside

HDFC Bank’s share price continued to make gains for the second straight day on Friday morning after global brokerage firm remained upbeat on the stock’s future.

What Happened: Morgan Stanley maintained its “overweight” call on the stock with a price target of ₹2,110. The target price reflects an around 50% upside from the stock’s last closing price of ₹1,414.05.

As the lender shared a business update on an analyst call, the brokerage house noted that following the merger, the incremental home loan disbursal market share has seen a significant improvement, reaching a run rate of 20%.

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The analysts also pointed out that management has observed accelerated market share gains, alongside improved turnaround time and enhanced CASA cross-selling. Additionally, plans are underway to launch two new products in the near term.

The private bank said that cross-selling initiatives remain a key focus for both existing and new customers. The analysts also noted that the bank has successfully reduced turnaround time to nearly one-third of its pre-merger levels.

Price Action: HDFC Bank’s share price was up 0.45% to trade at ₹1,420.45 as the markets opened on Friday.

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Posted In: EquitiesPrice TargetReiterationMarketsAnalyst RatingsMoversTrading IdeasHDFC Bank