Economy
Jefferies Sets ₹880 Target for HDFC Bank Following Anup Bagchi's Appointment
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THE BRIEF
1
Jefferies India issued a buy rating for HDFC Bank with a 22 percent upside and a ₹880 price target following SEBI's approval of Anup Bagchi as the new managing director and chief executive officer.
2
The global brokerage also set a $28 price target for the HDFC Bank ADR, citing potential growth from retail deposits, cross-selling fees, and loan-mix re-risking.
3
The bank's shares have corrected over 27 percent year-to-date, but recently saw buying interest that pushed the share price up over two percent in one month.