Kotak Securities's puts 'accumulate' on HDFC
Kotak Securities’ private client research has downgraded HDFC to ‘accumulate’ from buy while trimming its price target to Rs 1,908 from Rs 2,061 earlier, citing the recent slowdown in housing loan demand.
By ET Bureau |
HDFC
cmp: Rs 1,544.95
target price: Rs 1,908
Kotak Securities��� private client research has downgraded HDFC to ���accumulate��� from buy while trimming its price target to Rs 1,908 from Rs 2,061 earlier, citing the recent slowdown in housing loan demand.
���We also believe that HDFC���s disbursement growth is likely to slow down during H2FY09 and FY10 moreover due to present unfavourable macro-economic conditions,��� the broking house said in a note, after meeting the management.
���Of late, the retail demand for real estate has slowed down significantly, largely on the back of a combined effect of high real estate prices and higher interest rate.
This has impacted the real estate affordability for retail consumers. Correction in property prices would be essential to boost real estate demand going forward,��� it added.
cmp: Rs 1,544.95
target price: Rs 1,908
Kotak Securities��� private client research has downgraded HDFC to ���accumulate��� from buy while trimming its price target to Rs 1,908 from Rs 2,061 earlier, citing the recent slowdown in housing loan demand.
���We also believe that HDFC���s disbursement growth is likely to slow down during H2FY09 and FY10 moreover due to present unfavourable macro-economic conditions,��� the broking house said in a note, after meeting the management.
���Of late, the retail demand for real estate has slowed down significantly, largely on the back of a combined effect of high real estate prices and higher interest rate.
This has impacted the real estate affordability for retail consumers. Correction in property prices would be essential to boost real estate demand going forward,��� it added.
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