Within the June quarter, HDFC Bank’s 1QFY21 saw strong results in view of interferences caused by Covid-19, while management commentary on assets across verticals was even stronger.
The 50 reports from 18 analysts offering long term price targets for HDFC Bank Ltd. have an average target of 1287.15. The consensus estimate represents an upside of 14.38% from the last price of 1125.30. HDFC Bank reported good performance, with robust loan growth at 21%, steady NIMs at 4.3% and improved CI led improvement in PPOP, up 15% while almost flattish QoQ.
Brokerages maintained a bullish view and raised the target price on HDFC Bank (NSE -1.13%) after the lender reported better-than-expected earnings. The bank on Saturday reported a 19.6% increase in its standalone net profit at Rs 6,658.62 crore.
Nomura has shot up target price to Rs 1325 from Rs 1225. Morgan Stanley has raised target price to Rs 1425 from Rs 1285 while maintaining overweight rating, seeing continued market share profits for HDFC Bank helped by its strong balance sheet.
CLSA has also increased the target price to Rs 1450 from Rs 1250. Jefferies which has maintained a buy rating and raised target price to Rs 1350 from Rs 1280., noted that HDFC Bank delivered well despite challenges with 20% YoY rise in profit. With just 9% of loans in the moratorium, high-quality corporate book & steady cashflows for borrowers of unsecured loans, the risk to asset quality should abate.
CLSA said that the moratorium level, at 9% of loans, is the lowest in the industry, and more importantly, there is a very little moratorium in its corporate book, high-security levels in its SME book and almost no drop in income for its salaried retail portfolio versus pre-COVID-19 levels which reassures us of HDFCB’s superior underwriting.

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HSBC has maintained a buy rating on HDFC Bank with a target price of Rs 1500.