Brokerage firm Jefferies maintained its ‘buy’ rating on the stock with a target price of Rs 1,800.
Shares of HDFC Bank are in focus today as the stock received good response from buyers last week. HDFC Bank share price rose by 6 percent. HDFC Bank is expected to declare its Q4 results 2024 on 20th April 2024. According to stock market experts, HDFC Bank share price may see upside movement as the bank reported good Q4FY24 business updates.
Let Us See How Global Brokerages (According to Zee Business) Keep HDFC Bank Share Target Price As On 5th April 2024.
Citi maintained a buy call on HDFC Bank with a target price of Rs 2,050, the highest among its peers. The revised target implies a 38 per cent upside.
Brokerage firm Jefferies maintained its ‘buy’ rating on the stock with a target price of Rs 1,800.
HSBC has also given a buy call with a target price of Rs 1,750. The first stated that deposit performance (+Rs1.66tn deposits q-o-q) in 4Q, is above estimates of +Rs1.2-1.3tn. Valuation at 13x FY26e EPS is still very attractive, As per HSBC.
Morgan Stanley has maintained an overweight rating with a target price of Rs 1,900. The brokerage mentioned below reasons about Q4 update:
-Deposit Growth surprises positively
-Overall deposit growth accelerated to 7.5 per cent (+17 per cent YoY) as compared to the 2 per cent in the prior quarter
-Retail deposit growth strong (+7 per cent QoQ; an increase of Rs1.3trn)
-Gross loan growth moderated to 2 per cent QoQ, vs. 5 per cent in the prior quarter
HDFC Bank Q4 Update
HDFC Bank’s loan book crossed Rs 25 lakh crore in the Q4 of March 2024.
The bank’s gross advances aggregated to Rs 25.08 lakh crore as of March 31, 2024, a growth of 55.4 per cent over Rs 16.14 lakh crore as of March 31, 2023.
It should also be noted that, the figures for the period ended March 31, 2024, can not be compared with the same period during last year, as it includes the operations of HDFC Ltd, which was not merged with HDFC Bank during previous year.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice.)