HDFC Bank Share Price Target: What’s next after Q3 financial update?

Shares of India's largest private bank, HDFC, have been declining since the release of its December quarter business update.

On Friday, HDFC Bank shares closed down about 2.5%. As of 10:30 am on Monday, January 6, the stock is down 0.79% at ₹1,735.45.

The bank's gross advances grew by 0.9% QoQ and 3% YoY in the October-December quarter. Deposits increased by 2.5% QoQ and 15.8% YoY. CASA deposits decreased by 1.2% this quarter.

Following the Q3 update, Nomura and Jefferies issued notes on HDFC Bank. Nomura gave a neutral rating with a target price of ₹1870 per share.

Jefferies gave a buy rating with a target of ₹2,120. They expect slower loan growth after a modest pullback, given the valuations and sluggish growth.

HDFC Bank share returns have been less than 10% in 3 out of 4 years. Good growth was seen in 2024. Of 48 analysts, 41 have given a buy rating and the rest a hold rating.

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