HDFC finally received a recommendation to buy.

HSBC, a global brokerage firm, has recommended buying HDFC Bank’s stock, setting a target price of Rs 1,750 per share, suggesting a potential increase of 22 percent from current levels. Analysts believe that the stock has the potential to provide returns between 15-29 percent Compound Annual Growth Rate (CAGR) over the period from FY24 to FY27.
Despite the stock experiencing a decline of over 16 percent since the beginning of the year, compared to a 2 percent drop in the Sensex, HSBC remains optimistic about its future performance. HDFC Bank’s shares hit a 52-week low of Rs 1,363 on February 14, 2024.