HDFCBANK Rating
BOFA-SEC ON HDFC BANK : 26.05.2021
• Maintain buy, target at Rs 1,850/share
* Underperformance offers an attractive opportunity
• YTD stock underperformance especially relative to ICICI, Axis Bank
* Digital banking/ cards business and ICICI/Axis starting to show better growth momentum 2-3
• Expect these near term concerns to be addressed over next quarters
• Revise down our EPS estimates by 4-5% mainly driven by higher credit costs
• HDFC Bank still offers the best growth+ROE combination in industry
