NEW YORK, April 16 (newratings.com) - Analysts at Morgan Stanley downgrade HDFC Bank (HDB.NYS) to "equal weight." The target price is set to Rs698.In a research note dated April 15 and published this morning, the analysts mention that the company’s stock has been outperforming the market over the past 12 months. The company is poised to benefit from its significant market position in the rapidly growing Indian market, the analysts believe. Despite HDFC Bank’s attractive returns/risk profile, the current valuation of the company’s stock is unattractive, Morgan Stanley believes.
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Monday, July 2, 2007
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LONDON, March 4 (newratings.com) - Analysts at Morgan Stanley reinitiate coverage of HDFC Bank Ltd (HDB.NYS) with an "overweight" rating. The 12-month target price is set to Rs635.In a research note published this morning, the analysts mention that the company is expected to continue to witness robust margins in the near term. HDFC Bank's core earnings in the near term are expected to be driven by its fee income, which is likely to increase at 50% CAGR during FY04-FY07, the analysts say. The company's EPS growth is likely remain at 30% during FY04-FY07, Morgan Stanley adds.
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