“Maintains a 'Buy' rating on HDFC Bank with a target price of Rs 950, implying a 32% upside. While Jagdishan's decision is incrementally positive by removing one binary uncertainty, the stock is expected to remain range-bound in the near term as clarity on the successor could take time, potentially extending into 2027F. However, the appointment of a credible successor could emerge as a meaningful rerating catalyst.”

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