HDFC Bank is a conviction buy. Historically, it has delivered consistent strong business growth coupled with superior return ratios. Post merger, growth to 17-18% with steady return ratio at 1.8-1.9% in FY24-25E is expected. TP is ₹ 2050 (26% upside)
HDFC Bank is a conviction buy for TP of ₹ 2050 (26% upside): ICICI Direct
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