Goldman Sachs upgrades Hdfc to ‘buy’ with target price of Rs 3,081, here’s why

Goldman Sachs upgraded HDFC to ‘buy’ from ‘neutral’, raising the target price to Rs 3,081 from Rs 2,907.

The company believes that there has been significant share price depreciation for HDFC in recent quarters and that the core mortgage business is now trading at 16 times FY23 core EPS, it is are trading below the long-term average valuation.

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According to Goldman Sachs, HDFC has weathered the pandemic very well in terms of balance sheet strengthening, asset quality is strong and has also maintained healthy credit spreads.

Last week, CLSA also updated HDFC on valuations only.

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