HDFC Bank‘s share price extended gains for the second straight session on Tuesday.
What Happened: The stock is upbeat today as BofA Securities maintained its “buy” rating for the stock with a price target of ₹1,800. The target indicates an around 18% upside from the stock’s last closing price of ₹1,514.85.
The brokerage firm said that the current earnings per share (EPS) expectations are low enough and that they might finally be an end to the EPS downgrade cycle.
Shares of the private lender have been under pressure ever since the start of 2024. On a year-to-date basis, the stock has gone down around 10%. However, most analysts have remained positive on the stock.
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Analysts at Emkay Global, ICICI Direct, IDBI Capital, ICICI Securities, Motilal Oswal, and Prabhudas Liladhar all maintained their “buy” rating for the stock after the private bank posted its earnings for the quarter ended March. The consensus target price of the stock hovers at around ₹1,850.
The bank reported a 37.1% increase in net profit for the quarter ending, reaching ₹16,512 crore, up from ₹12,047 crore in the same period last year. The bank’s net interest income (NII), which is the difference between interest earned and interest expended, rose by 24.5% to ₹29,080 crore.
Price Action: HDFC Bank’s share price was 0.39% to trade at ₹1,520.75 up as the markets opened on Friday.
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