Hold HDFC, target of Rs 1818: Sharekhan
Sharekhan has revised its rating on Housing Development Finance Corporation from buy to hold with a revised price target of Rs 1818 in its April 17, 2009 research report.
“Even as demand for housing loans was slowing down and there was a downward trend in disbursals, competition (read public sector banks) announced a special rate (8% for the first year) to stimulate the demand for housing. Recently, HDFC’s rivals extended the period for the special rate offer to September 2009, thereby further weakening HDFC’s ability to gain market share. In context of the near-term fundamental challenges and the recent rally in the company’s stock, further upside in the near term from the current levels is unlikely. Consequently, we are revising our ‘Buy’ recommendation on HDFC to ‘Hold’ with a revised price target of Rs 1,818,” says Sharekhan’s research report.
Tags: hdfc, HOLD, Housing Development Finance Corporation, sharekhan
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