HDFC Bank Ltd. and ICICI Bank Ltd. were in sharp focus in Thursday’s brokerage commentary, with analysts flagging strong operating performances and resilient asset quality in the March quarter.

While Jefferies and CLSA reiterated their bullish stance on ICICI Bank, citing stable profitability and continued investment momentum, HDFC Bank drew mixed reactions—Jefferies highlighted a rebound year ahead, but Macquarie pointed to the need for clearer improvement in growth and margins.

Analysts also weighed in on HDFC Life Insurance Co. Ltd., with opinions split over regulatory risks and future growth potential in value of new business.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the key brokerage calls to watch on Monday.

On HDFC Bank

Jefferies

  • Retains a ‘buy’ rating on the stock and raises target price to Rs 2,340 apiece from earlier Rs 2,120, implying a potential upside from the previous close.

  • Expects earnings to remain ahead and the lender to stay on track for a rebound year.

  • Maintains HDFC Bank among top stock picks.

  • Reports healthy operating performance.

  • Sees credit growth improving in the fiscal years ending March 2026 and March 2027.

  • Better cross-sells and stable credit costs expected to support core profitability.

  • Believes rate cuts will temporarily impact net interest margins.

  • Reduces earnings per share estimates by 3-4% for the fiscal years through March 2027.

Macquarie 

  • Retains an ‘outperform’ rating on the stock and a target price of Rs 2,300 apiece, implying a potential upside from the previous close.

  • Says fourth quarter profit after tax was in line, with lower other income offset by stronger margins.

  • Waiting for visible improvement in growth and margins.

  • Sees growth at par with the overall banking system.

  • Credit costs expected to remain stable.

  • Believes improvement in net interest margins is a key catalyst for stock re-rating.

On ICICI Bank

CLSA

  • Retains an ‘outperform’ rating on the stock and raises target price to Rs 1,700 apiece from earlier Rs 1,600, implying a potential upside from the previous close.

  • Calls it a strong fourth quarter and reiterates ICICI Bank as a top pick along with Bandhan Bank.

  • Slows loan growth but sees improving profitability.

  • Maintains that asset quality remains robust.

  • Notes continued improvement in operating expenses.

Jefferies

  • Retains a ‘buy’ rating on the stock and raises target price to Rs 1,710 apiece from earlier Rs 1,600, implying a potential upside from the previous close.

  • Reports strong operating performance in the fourth quarter.

  • Sees improvements in asset quality with decline in core retail slippages on a quarter-on-quarter basis.

  • Notes continued investment in distribution.

  • Reduces earnings per share estimates by 5% for the fiscal years through March 2027, citing a timing gap.

On HDFC Life

Morgan Stanley

  • Retains an ‘overweight’ rating on the stock and raises target price to Rs 815 apiece from earlier Rs 760, implying a potential upside from the previous close.

  • Reports a steady quarter, with value of new business slightly below estimates.

  • Quality of results seen as strong, driven by positive operating variances and assumptions.

  • Expects investor confidence to rise for 15% value of new business growth in the fiscal year ending March 2026.

  • Continues engagement with the regulator and the government over concerns on bancassurance.

Macquarie 

  • Retains a ‘neutral’ rating on the stock and a target price of Rs 570 apiece, implying a potential upside/downside from the previous close.

  • Says fourth quarter value of new business growth was in line.

  • Miss on annual premium equivalent growth was offset by better-than-expected margins.

  • Expects value of new business margins to remain in a narrow range.

  • Annual premium equivalent growth aspirations remain a key monitorable.

  • Flags upcoming bancassurance regulations as the key risk.

Jefferies

  • Downgrades rating to ‘hold’ from ‘outperform’ and raises target price to Rs 765 apiece from earlier Rs 690, implying a potential upside from the previous close.

  • Says value of new business margin of 25.6% is a strong outcome in a challenging year.

  • Notes positive operating variances.

  • Cites strong performance of the parent bank.

  • Expects continued investments in the agency channel.

  • Targets doubling of annual premium equivalent and value of new business over the next four to four-and-a-half years.

  • Continues to apply a regulatory uncertainty discount on valuations.

. Read more on Markets by NDTV Profit.Here are all the top calls from analysts you need to know about on Monday.  Read MoreMarkets, Business 

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