ICICI Direct has given Buy recommendation for HDFC AMC with a target price of Rs. 2400 in its research report issued on Apr 27, 2022

ICICI Direct’s research report on HDFC AMC

HDFC AMC is among the largest and profitable mutual funds with an QAAUM of ~Rs 4.3 lakh crore as on March 2022. Market share as on Q4FY22 was at 10.8% • Strong distribution network with 228 branches and over 75,000 empanelled distribution partners.

Outlook

We upgrade our rating to BUY from Hold. HDFC AMC has maintained fundamental strength with superior yields and profitability. We value HDFC AMC at ~28.5x FY24E EPS and revise our target price from Rs 2550 to Rs 2400.

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