ICICI Direct has given Buy recommendation for HDFC Bank with a target price of Rs. 1800 in its research report issued on Jul 19, 2021

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 over Rs 11 lakh crore. Consistent performance with +4% NIM and +15% RoE in past many years.


We value HDFC Bank at ~3.7x FY23E ABV and Rs 50 for subsidiaries to arrive at a revised target price of Rs 1800.

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