Shares of Housing Development & Finance Corporation (HDFC) in early trade today surged 2% to reach an intra-day high of Rs.2352.80 per share. The stock gained ground after global firm Morgan Stanley maintained overweight call on the stock as well as raised target price from Rs. 2600 to Rs. 2900.
HDFC Share Rise On Morgan Stanley Overweight Call
Housing Development Finance Corporation: Quotes, News
BSE2729.950 (0.00%)
NSE2724.30 (0.00%)
Morgan Stanley said that there will be seen an off take in credit growth in the next 12 months and the valuation of the housing finance company seems attractive.
Also, the return on equity and EPS growth will see multi-year recovery as the NBFC enjoys strong positioning among its peers. The company has FY20-25 EPS CAGR of 22% for the lending business and has estimated its core RoE to showcase an improvement to 15.5% in FY22 and 18.5% in FY25 from 13% in FY20.
Last, the stock quoted at Rs. 2333.95, up Rs. 30.10 or 1.31%.
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