Hot Stocks: Brokerage view on HDFC Bank, HCL Tech, TCS and IndusInd Bank

Brokerage firm JPMorgan initiated coverage on HDFC Bank with a buy rating, and Jefferies maintained its hold rating on HCL Technologies and TCS. Morgan Stanley remained overweight on IndusInd Bank.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

JPMorgan on HDFC Bank: Overweight | Target Rs 2000
JPMorgan initiated coverage on HDFC Bank with an overweight rating and a target price of Rs 2000. 2% ROA should be sustained with opportunity on the cost of funds delta.


Synergy on cross-sell, increased book duration, and lowering of unsecured book share are positives.

Incremental LDR and Retail Deposit growth are key parameters to monitor.

Jefferies on HCL Technologies: Hold| Target Rs 1205
Jefferies maintained a hold rating on HCL Technologies and a target price of Rs 1205. Deal wins were soft though management expects stronger deal wins in Q2.

The decline in bookings reflects delays in decision-making.

Jefferies on TCS: Hold| Target Rs 3450
Jefferies maintained a hold rating on TCS with a target price of Rs 3450 post-Q1 results. Q1 Revenues/margins were in line with estimates and profits were ahead of estimates.

Pressure across key verticals/regions. Demand uncertainties persist. There is limited scope for margins to expand in FY24.

Morgan Stanley on IndusInd Bank: Overweight| Target Rs 1725
Morgan Stanley maintained an overweight rating on IndusInd Bank with a target price of Rs 1725. The global investment bank believes that the share price will rise relative to the industry over the next 30 days.

The global investment bank expects IndusInd Bank to report strong Q1 earnings, driven by credit cost moderation as well as healthy top-line growth.

With the rate cycle almost done, it expects outperformance on margins. The valuation looks attractive.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)