“Maintains a 'Buy' rating on HDFC Bank but cuts the target price to Rs 880 from Rs 1,050, implying a 22% upside. The CEO transition is likely to impact revenue momentum from deposit mobilization and fees, leading to a 3% trim in earnings for FY27-29. While asset quality risk is not seen, uncertainty could raise the cost of equity and weigh on valuation, though current valuations at 1.5x one-year forward price-to-book and 12x PE are not demanding.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%