
BOFA has reiterated its ‘Buy’ rating on HDFC Bank, setting a target price of ₹2,020, representing a potential upside of 20.8% from the current market price of ₹1,671.90.
The brokerage noted that HDFC Bank’s Q3FY25 results were in line with expectations, with the Loan-to-Deposit Ratio (LDR) finish line anticipated to be only three quarters away. BOFA highlighted early signs of synergies in liability cross-sells and emphasized the bank’s attractive valuations at 2x Price-to-Book (P/B) ratio.
HDFC Bank is positioned as one of the key beneficiaries of any Foreign Institutional Investor (FII) flow rebound. The report also mentioned that investors remain underweight on the stock following MSCI upweight adjustments.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.