HSBC upgraded Kotak Mahindra Bank from hold to buy with a higher target price of 520 rupees, citing growth outlook after new CEO appointment; Geojit's Gaurang Shah also turned positive on the stock

Wed 7 Oct 2026

New target price

520 rupees

Previous target price

430 rupees

EPS upgrade range FY27-29

1 to 14 percent

Heard on business television between 12:48:49 - 12:51:49 IST.

• HSBC upgraded rating on Kotak Mahindra Bank from hold to buy, raising target price to 520 rupees from 430 rupees.
• HSBC said the bank is ready for its next leg of growth and turned constructive following the recent CEO appointment of Anup Saha as MD and CEO.
• HSBC raised EPS estimates by 1-14% for FY27-29 citing stronger loan growth and steady margins, with the recent repo rate move seen as an upside risk to financials.
• Gaurang Shah of Geojit Investments said he remains positive on Kotak Mahindra Bank and HDFC Bank, citing clarity on leadership at the helm for both banks which should reflect in earnings.
• Shah said the 25 bps rate cut was already priced in by markets and expects earnings normalization for the banking and NBFC sector.

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