“Retains a 'Buy' rating on HDFC Bank, despite cutting the target price to ₹880 from ₹1,050, forecasting a 22% upside from current levels. The revision is due to CEO Sashidhar Jagdishan's decision not to seek an extension, which could impact near-term business and performance. However, current valuations at 1.5x one-year forward price-to-book and 12x PE are not seen as demanding, and there is no risk to asset quality.”

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