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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