Zacks Investment Research Upgrades HDFC Bank Limited (HDB) to Buy
HDFC Bank Limited (NYSE:HDB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $111.00 price objective on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.56% from the stock’s current price.
According to Zacks, “HDFC BANK’s mission is to be a World Class Indian Bank. The Bank’s aim is to build a sound customer franchise across distinct businesses so as to be the preferred provider of banking services in the niche segments that the bank operates in and to achieve healthy growth in profitability, consistent with the bank’s risk appetite. The bank aims to ensure the highest level of ethical standards, professional integrity and regulatory compliance. HDFC Bank’s business philosophy is based on four core values: Operational Excellence, Customer Focus, Product Leadership and People. “
Other analysts have also issued reports about the company. BidaskClub lowered HDFC Bank Limited from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Jefferies Group LLC raised HDFC Bank Limited from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Morgan Stanley raised HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 25th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. HDFC Bank Limited presently has a consensus rating of “Buy” and a consensus price target of $111.00.
Shares of HDFC Bank Limited (NYSE HDB) traded down 0.80% during mid-day trading on Thursday, reaching $98.61. 297,150 shares of the company traded hands. HDFC Bank Limited has a 52-week low of $59.00 and a 52-week high of $100.26. The company’s 50 day moving average is $96.57 and its 200 day moving average is $85.73. The stock has a market capitalization of $505.39 billion, a price-to-earnings ratio of 213.21 and a beta of 0.88.
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A number of large investors have recently modified their holdings of the business. Flow Traders U.S. LLC purchased a new position in shares of HDFC Bank Limited in the 2nd quarter worth about $100,000. First Interstate Bank purchased a new position in shares of HDFC Bank Limited in the 2nd quarter worth about $103,000. Parallel Advisors LLC raised its holdings in shares of HDFC Bank Limited by 17.1% in the 1st quarter. Parallel Advisors LLC now owns 1,280 shares of the bank’s stock worth $104,000 after purchasing an additional 187 shares during the period. MSI Financial Services Inc raised its holdings in shares of HDFC Bank Limited by 1.9% in the 3rd quarter. MSI Financial Services Inc now owns 1,485 shares of the bank’s stock worth $107,000 after purchasing an additional 28 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of HDFC Bank Limited by 93.3% in the 1st quarter. IFP Advisors Inc now owns 2,028 shares of the bank’s stock worth $125,000 after purchasing an additional 979 shares during the period. 17.72% of the stock is currently owned by hedge funds and other institutional investors.
About HDFC Bank Limited
HDFC Bank Limited (the Bank) is a holding company. The Bank offers a range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side. It also offers financial services. The Bank’s segments include Treasury, Retail banking, Wholesale banking and Other banking business.
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