HDFC Bank Limited (HDB) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of HDFC Bank Limited (NYSE:HDB) from a hold rating to a buy rating in a research report report published on Thursday. Zacks Investment Research currently has $111.00 price target on the bank’s stock.
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. “
A number of other equities research analysts have also recently commented on the stock. BidaskClub cut shares of HDFC Bank Limited from a strong-buy rating to a buy rating in a report on Saturday, June 24th. Jefferies Group LLC raised shares of HDFC Bank Limited from a hold rating to a buy rating in a report on Tuesday, July 25th. Finally, Morgan Stanley raised shares of HDFC Bank Limited from an equal weight rating to an overweight rating in a report on Tuesday, July 25th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $111.00.
HDFC Bank Limited (NYSE:HDB) opened at 99.31 on Thursday. The stock’s 50 day moving average price is $96.66 and its 200-day moving average price is $85.93. HDFC Bank Limited has a 52 week low of $59.00 and a 52 week high of $100.26. The company has a market cap of $508.97 billion, a price-to-earnings ratio of 214.72 and a beta of 0.88.
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Large investors have recently bought and sold shares of the stock. Intl Fcstone Inc. bought a new stake in HDFC Bank Limited during the 2nd quarter valued at $293,000. Verition Fund Management LLC bought a new stake in HDFC Bank Limited during the 2nd quarter valued at $923,000. Coldstream Capital Management Inc. bought a new stake in HDFC Bank Limited during the 2nd quarter valued at $466,000. Bluefin Trading LLC bought a new stake in HDFC Bank Limited during the 2nd quarter valued at $1,365,000. Finally, Maverick Capital Ltd. bought a new stake in HDFC Bank Limited during the 2nd quarter valued at $2,385,000. 17.71% of the stock is currently owned by 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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