hdfc bank: HDFC Bank’s underperformance makes it attractive. Should you buy now or wait a bit?

In March 2020, two foreign brokerages had two opposing views on India’s largest private-sector lender, HDFC Bank. Bernstein had a ‘sell’ rating with a target price of INR750, while UBS had a ‘buy’ at INR1,480. The stock was at INR1,135.Gautam Chhugani, the analyst at Bernstein, had a simple observation. In his report he said that HDFC Bank is most exposed to unsecured credit risk towards lower-salaried people. But UBS’s Vishal Goyal had a