An analyst tracking HDFC Bank has a price target of as high as ₹2,550 on the stock, which implies a potential upside of 40% from current levels.
Shares of HDFC Bank Ltd., India’s largest private lender, gained as much as 1.3% on Thursday, November 28, to hit a new record high of ₹1,836.1. The lender is now up 8% so far in 2024.
With Thursday’s move, the stock has gained in six out of the last eight trading sessions. The lender’s market capitalisation has also crossed levels of ₹14 lakh crore for the first time.
Post this recent upmove, HDFC Bank on the charts is nearing overbought territory. The Relative Strength Index (RSI) on the charts is currently at 68. An RSI reading above 70 indicates that the stock is “overbought.” The stock is trading above all of its key moving averages.
47 analysts have coverage on HDFC Bank, out of which 40 of them have a “buy” rating on the stock, while the other seven have a “hold” recommendation. HDFC Bank is among the few Nifty names that do not have a “sell” rating from analysts.
These 47 analysts have price targets that range from ₹1,558 to as high as ₹2,550. Here is a look at the top 10 price targets for the Nifty 50 heavyweight.
BNP Paribas has the highest price target on HDFC Bank at ₹2,550. This price target implies a potential upside of as much as 40% over the next 12 months from Wednesday’s closing levels.
Goldman Sachs has the second highest price target on HDFC Bank. Its “buy” recommendation comes with a price target of ₹2,156.
InCred Research also has a price target of ₹2,150 on HDFC Bank but has an “Add” recommendation on the stock. InCred is one among the 17 analysts having coverage on HDFC Bank that has a price target in excess of ₹2,000 for the lender.
DAM Capital, post HDFC Bank’s September quarter results had raised its price target on the lender to ₹2,130 from ₹2,000 earlier. It wrote in its note that HDFC Bank’s business is gradually getting in the right direction for the medium term.
Bernstein also has “outperform” rating on HDFC Bank and that comes with a price target of ₹2,100. Bernstein’s target on HDFC Bank has remained at ₹2,100 since the start of 2024.
Brokerages like Nirmal Bang and Jefferies both have “buy” ratings on HDFC Bank and have a price target of ₹2,026 and ₹2,020 respectively. Motilal Oswal has a target of ₹2,050 on the lender.
As many as five analysts, from Autonomous Research, Yes Research, Axis Capital, Prabhudas Lilladher, and Citi have a target of ₹2,000 each on HDFC Bank.
