Analysts reiterate bullish calls on HDFC Bank Limited Sponsored ADR (NSE:HDFCBANK)—Jefferies and JPMorgan keep high targets—after a clean external legal review refuted prior allegations, leadership updates and reduced MTF exposure, prompting some analysts to favor it in private banking.
Previous Week Recap
- HDFC Bank ADR Upgraded Targets: HDFC Bank ADR (HDFCBANK): Jefferies keeps Buy with Rs 1,050 target; management updates include Kumar as CEO, Puneet Sharma as CFO, Jigar Shah added. JPMorgan keeps Overweight, Rs 990 target.
- External Review Finds No Evidence: External three-month legal review of HDFC Bank covering two years before ex-chairman Atanu Chakraborty’s exit found no contemporaneous documents or interview evidence supporting his allegations.
- HDFC ADR MTF Positions Drop: June: HDFC Bank ADR (HDFCBANK) saw MTF positions drop 20% month‑on‑month, falling from the top spot in May to third by month‑end.
- SBI Analyst Prefers HDFC ADR: SBI Securities analyst Sunny Agarwal prefers HDFC Bank Sponsored ADR (HDFCBANK) over Kotak Mahindra in private banking, noting HDFC Bank reportedly got a clean legal review — relevant for traders.
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