HDFC Bank falls, but JPMorgan, Jefferies see valuation upside

Shares of HDFC Bank have come under sustained pressure this year, declining more than 26% and lagging both peers and the broader market, even as brokerages turn increasingly positive on the stock following the sharp correction. The recent underperformance has prompted global brokerage JPMorgan to upgrade the stock to “Overweight” from “Neutral”, citing a more favourable risk-reward profile at current levels.