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Jefferies sets ₹880 target for HDFC Bank after CEO appointment
The brokerage also expects the HDFC Bank ADR to reach $28, citing the hiring of new CEO and MD Anup Bagchi.
Jefferies India upgraded its outlook for HDFC Bank after the lender announced Anup Bagchi as its new CEO and managing director, setting a ₹880 target price for the bank’s shares.
The brokerage maintained a buy rating, framing the leadership change as a major positive development for the private lender.
Despite weakness, it argued the stock remains attractive, noting HDFC Bank has fallen more than 27% year to date and slipped over 6% over the last six months.
Jefferies also projected roughly 22% upside from its target for HDFC Bank and estimated around 25% upside potential for the bank’s ADR, which it said could rise to $28 per ADR on the New York Stock Exchange.