HDFC Asset Management Co.'s share price soared over 4% in early trade on Wednesday after solid third quarter financial results a day prior led to multiple brokerages maintaining their 'buy' rating on the stock.
The company's net profit grew 31.4% on a yearly basis to Rs 641 crore. Total income surged 26% to Rs 1,028 crore. Both beat street estimates.
Analysts at major brokerages like Jefferies, Axis Capital, Nomura, CLSA, JM Financial, Motilal Oswal and Nuvama maintained their bullish outlook, according to Bloomberg data.
Jefferies set a target price of Rs 5,000 for HDFC AMC stock, highlighting strong operating performance driven by higher yields.
On the other hand, Morgan Stanley maintained an 'Equal-weight' rating with a target price of Rs 4,120, citing a beat in operating profit driven by higher equity yields and the full impact of commission rationalisation in September quarter. Additionally, cost control has further supported performance.
Morgan Stanley expects HDFC AMC's revenue and net profit growth to moderate to 16% by next fiscal.
HDFC AMC Share Price Movement
HDFC AMC share price advanced 4.46% intraday to Rs 4,037.55 apiece. The scrip was trading 4% higher by 10:18 a.m. The benchmark NSE Nifty 50 was up 0.18%.
The stock has risen 17% in the last 12 months. The total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 42.
Twenty out of the 27 analysts tracking HDFC AMC have a 'buy' rating on the stock, five recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target of Rs 4,763 implies a potential upside of 19%.
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