Goldman Sachs downgrades HDFC to 'sell' from 'neutral'
MUMBAI (Reuters) - Goldman Sachs cut its rating on Housing Development Finance Corp Ltd(HDFC.NS) to "sell" from "neutral", on expectations that India's economy would recover at a "modest" pace and the prospect of rising competition.
Goldman also downgraded its target price on HDFC to 740 rupees from 790 rupees.
(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)
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The recent market correction was overdue. A further correction would be an opportunity for those who missed the rally in the past few months. The markets could get a reality check next year and consolidate before the next big movement. I still believe PM Modi will not fritter away his mandate and deliver on his promise, albeit with a delay, writes Ambareesh Baliga. Article