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Add HDFC Bank, target of Rs 866: IIFL

Posted on: March 18th, 2009 and is filed under Brokerage Recommendations.

IIFL has recommended an add rating on HDFC Bank with a target price of Rs 866 in its March 18, 2009 research report. “HDFC Bank’s balanced approach towards growth and risk containment made it a safe investment during the best of times, but it is more so now. It is a key beneficiary of the erosion in businesses of foreign and other private banks. Volume growth has moderated and it is pricing in for higher loan delinquencies across product segments. Although we have cut our FY09 and FY10 net profit estimates by 3% and 12% respectively, in view of the slower operating environment, HDFC Bank is likely to be among few banks expected to have positive earnings growth next year. We expect the stock to continue to outperform its peers, despite its relatively expensive valuation of 2.2x FY10ii book. ADD, target price of Rs 866,” says IIFL’s research report.

source: Moneycontrol

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