Goldman Sachs has upgraded HDFC to ‘buy’ from ‘neutral’ raising the target price to Rs 3,081 from Rs 2,907.
The firm believes there has been a significant derating in terms of stock price for HDFC in the last few quarters and with core mortgage business now trading at 16 times FY23 core EPS, it is trading below the long-term mean valuation.
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According to Goldman Sachs, HDFC has navigated the pandemic very well in terms of strengthening the balancesheet, asset quality is strong and has maintained the healthy lending spreads as well.
Last week, CLSA had also upgraded HDFC purely on valuations.
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