ICICI Direct has given Hold recommendation for HDFC AMC with a target price of Rs. 2200 in its research report issued on Oct 20, 2022

ICICI Direct’s research report on HDFC AMC

HDFC AMC is among the largest and profitable mutual funds with an QAAUM of ~Rs 4.2 lakh crore as on September 2022. Market share as on Q2FY23 was at ~11% • Strong distribution network with 228 branches and more than 80,000 empanelled distribution partners.


We downgrade the stock from BUY to HOLD. HDFC AMC has maintained steady yields and market share despite volatility in capital markets. Sustained superior yields and market share remain positive. Maintain our TP at Rs 2200, valuing HDFC AMC at ~27.8x FY24E EPS.

Leave a Reply

Your email address will not be published. Required fields are marked *