HSBC Cuts Target Price of HDFC Bank Post Q3 Results

After reporting its Q3 numbers, close to 90% of the analysts covering HDFC Bank have given ‘Buy’ rating on the stock.

About 41 out of 48 analysts have given a ‘buy’ rating, while the rest have said to ‘hold’.

The banking major reported its December quarter during the market hours on January 22 wherein Net profit and net interest income were in-line with expectations. However, asset quality witnessed a minor decline, compared to the previous quarter. Slippages surged by ₹1000 cr, compared to the previous quarter.

HDFC Bank MD & CEO Sashidhar Jagdishan said in a post-earnings call with analysts noting that the macro environment remains bleak on account of tight liquidity conditions, indications of moderating urban demand and weak private capex programmes.

He added that there is some potential form of uptick in rural demand, while highlighting the surge in government spending.

UBS has given a “buy” rating on HDFC Bank by setting a target price of ₹2100 apiece. The brokerage is confident of the banking major’s asset quality prospects, but cautioned on its growth.

On the other hand, HSBC has cut its target price on HDFC Bank to ₹1,980 from ₹2,130 earlier, while maintaining a ‘buy’ recommendation on the lender. For the financial year 2026 - 2027, the brokerage slashed its Earnings Per Share (EPS) estimates for HDFC Bank by 4% to 5%.

Macquarie gave an "outperform" rating on HDFC Bank by setting a target price of ₹2,300, which is the highest on the street for this stock.

As of 10:55, shares of HDFC Bank are trading at ₹1,658.50, down 0.45%.