Based on the performance and fundamentals HDFC Bank share price target 2024 could be analyzed, lets explore.
HDFC Bank is the buzz of town about the superb growth of 51 percent year-on-year (YoY) flood in net profit at Rs 15,976 crore for the September quarter post HDFC – HDFC Bank merge. Which is definitely massive against the Dalal street predictions.
Net Interest Margin (NIM) however declined to 3.6 percent contrasted and the bank’s direction of 3.7-3.8 percent NIM post-consolidation. A couple of Brokerages have increased share cost focuses for the stock while a couple of Brokerage firms cut their objective costs.
HDFC Bank Share Price Target 2024:
HDFC bank share price target for 2024 will be Rs 1808 and price and the end may range from Rs 1680 to Rs 1850.
What Share Market Giants are predicting?
Nirmal Bang Institutional Value positive on HDFC Bank from a drawn-out point of view because of its high development likely by virtue of good capital position, income and cost collaborations emerging out of HDFC merger (further helping development and productivity) and best-in-class asset quality. The financier has increased its HDFC Share price target to Rs 1,994 from Rs 1,935 prior.
Antique Stock Broking is bullish about HDFC for future target. It Keep up with Purchase as we continue onward to First Half of FY26 and modify our HDFC Stock price target to Rs 1,975 against Rs 1,925 target set before”.
Stock Broking Motilal Oswal trusts HDFC’s non-retail portfolio and keeping the target unchanged at Rs-1950 in addition to that it also stated “HDFC Bank has made a decent beginning and given a great pace of capacity building, we believe that there are levers in place to sustain this momentum in business growth,”
Jefferies is bullish on the stock with a target of Rs 2,030. Morgan Stanley and CITI both set the stock worth as Rs 2,110. While InCred Equities has a target of Rs 2,000 on the HDFC bank stock price.
In contrast, some brokerages were little bearish though. HSBC has cut its target on the stock to Rs 1,850 from Rs 1,930. CLSA has lowered its target on the stock to Rs 2025 from Rs 1,900. On the asset front, CLSA forecast 17% -18 % loan growth and 24-25 % deposit growth in FY24/25.
Nuvama said “Uncertainty on how soon NIM will reach the sustainable level and on consistent deposit growth will cap valuation in the short term. However, we take comfort in the bank’s strong execution, past success on achieving granular growth and retain BUY. We tweak earnings and cut target price to Rs 1,770 / 2.5 times BV FY25E from Rs 1,960/ 2.7x BV FY25.”
Kotak Institutional Equities has reduced its fair value on the HDFC stock to Rs 1,800 from Rs 1,850 earlier, valuing the bank at 2.5 times book for RoEs at 16%-17% levels.