“Investec downgraded HDFC Bank to 'hold' from 'buy', revising its price target to ₹920 from ₹915, implying a 12% upside. The downgrade follows a weak Q1 with muted retail loan growth, rising credit costs, and no clarity on CEO succession. They cut PAT estimates for FY27-28 due to weaker core income growth and expect RoE of 13-13.5% over the next two years, citing continued margin pressure and a wholesale-led growth mix.”