ICICI Direct has given Buy recommendation for HDFC Bank recommended buy rating on the stock with a target price of Rs 2000 in its research rep with a target price of Rs. 2000 in its research report issued on Jan 16, 2022

ICICI Direct’s research report on HDFC Bank

HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations. Largest private sector bank with loan book of Rs 12.6 lakh crore • Consistent performance with +4% NIM and +15% RoE in past many years.

Outlook

We remain positive and retain our BUY rating on the stock . We value HDFC Bank at ~3.7x FY24E ABV and Rs 50 for subsidiaries and maintain our target price at Rs 2000 per share.

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