Nomura maintained its 'buy' rating on HDFC Bank with a price target of ₹950. The firm continues to value the lender at 1.9 times its March 2028 forward book value per share, indicating continued confidence in the stock's long-term prospects despite recent challenges.

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%

HDFC BankBullishCalled 20 Jul 2026
Verdict:PENDING

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