Leading domestic and global brokerages have maintained a bullish outlook on India’s top financial stocks, with HDFC Bank, ICICI Bank, and HDFC Life receiving multiple ‘Buy’ calls and target price upgrades. Meanwhile, Infosys saw a slew of target price reductions, reflecting a more cautious near-term outlook.
HDFC Bank: Strong institutional support
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Axis Capital maintained its Buy rating, raising the target price to ₹2,205 from ₹2,000.
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Jefferies lifted its target to ₹2,340 from ₹2,120 while maintaining a Buy.
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CLSA also stayed Buy, with a revised target of ₹2,200 from ₹1,785.
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Macquarie continued with an Outperform rating, raising the target to ₹2,300.
ICICI Bank: Broader bullish consensus
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Jefferies upped its target to ₹1,710 from ₹1,575 (Buy).
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Nomura increased its target to ₹1,700 from ₹1,600 (Buy).
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CLSA maintained an Accumulate, raising the target to ₹1,700 from ₹1,600.
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Nuvama, Macquarie, and Bernstein also retained positive views with targets ranging from ₹1,440 to ₹1,670.
HDFC Life: Gaining traction
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Elara upgraded the stock to Buy with a raised target of ₹870.
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Nuvama, HSBC, and Morgan Stanley (MS) retained bullish calls with targets between ₹815–₹850.
Other Positives
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Jefferies maintained Buy on IDFC First Bank, with a target of ₹73.
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MS reiterated Overweight on ITC and Eternal, while CLSA kept Outperform on Eternal with a target of ₹375.
Infosys: Target prices cut despite holding ratings
Despite maintaining their ratings, several brokerages have revised targets lower for Infosys following its recent earnings report:
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Elara upgraded to Accumulate but cut the target to ₹1,530 from ₹1,830.
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JP Morgan, CLSA, Nomura, HSBC, and Citi either cut targets or maintained neutral stances.
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Jefferies, Macquarie, MOSL, and Antique showed caution with reduced targets between ₹1,525–₹1,861.
Tata Elxsi sees downgrades
The tech major faced a double downgrade:
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MS reiterated Underweight, slashing the target to ₹4,660.
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JP Morgan also maintained Underweight, trimming the target to ₹4,400.
Neutral stance on Siemens
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BofA continued its Underperform call on Siemens, assigning a target of ₹2,450, citing limited upside potential.
Overall, the tone from fund houses remains constructive on the Indian banking and insurance space, while the IT sector, particularly Infosys and Tata Elxsi, is under scrutiny amid softer earnings and macro concerns.
Disclaimer: The above views are of the broker’s and not the author or the publication’s. Please make any and every investment decision after consulting your financial advisor.
