Leading global and domestic brokerages have released fresh reports on major Indian banks. HDFC Bank and ICICI Bank remain the top picks, with several institutions raising their target prices following recent quarterly updates. Here are the key highlights from fund house recommendations.
Jefferies maintained its Buy rating on HDFC Bank, increasing the target price to ₹1,240 per share from ₹1,200. Emkay also reaffirmed its Buy stance, raising the target to ₹1,225 from ₹1,150, while Investec revised its target to ₹1,160 from ₹1,130. Axis Capital moved its target to ₹1,170 from ₹1,150, and DAM raised its target to ₹1,200 from ₹1,125. Haitong set a new target of ₹1,155 from ₹1,125, and Elara maintained an Accumulate call with a target of ₹1,147. Morgan Stanley retained its Overweight rating with a target of ₹1,225.
Brokerages also expressed confidence in ICICI Bank, with Morgan Stanley maintaining an Overweight rating and a target price of ₹1,800. Haitong, Emkay, Investec, Elara, and Nomura all reiterated Buy ratings, with targets ranging between ₹1,700 and ₹1,800. CLSA retained its Outperform view with a ₹1,700 target, while Systematix and DAM revised their targets to ₹1,680 and ₹1,670 respectively.
Reliance Industries attracted strong coverage from multiple houses. Equirus raised its target to ₹1,639 from ₹1,546, while Morgan Stanley, JP Morgan, and Nomura maintained targets in the range of ₹1,695 to ₹1,701. Jefferies continues to value the stock at ₹1,780, and Macquarie and Systematix pegged their targets at ₹1,650 and ₹1,680 respectively.
In the metals space, JSW Steel was rated Overweight by Morgan Stanley with a target price of ₹1,300.
For REC, Morgan Stanley retained its Overweight view with a ₹515 target, while CLSA set its target at ₹500.
Among mid-sized lenders, Federal Bank saw target upgrades from Morgan Stanley and DAM to ₹220 and ₹250 respectively. RBL Bank also drew attention, with IIFL and Motilal Oswal raising their targets to ₹375 and ₹350.
AU Small Finance Bank was upgraded to Buy by Citi with a target of ₹990, while Morgan Stanley lifted its target to ₹1,175. Motilal Oswal set a target of ₹165 for DCB Bank.
Other key calls included IDFC Bank with a target of ₹80 by Motilal Oswal, and IndusInd Bank, where Elara retained a ₹720 target and Bernstein set a ₹1,000 target.
Disclaimer: This article is based on brokerage recommendations and is for informational purposes only. It is not investment advice.
