“Maintains a 'Buy' call on HDFC Bank with a target price of ₹950, implying over 34% upside. While an internal CEO appointment offers continuity, a credible external candidate with a strong operating track record could be a significant medium-term catalyst for a re-rating, driving a strategic reset and addressing concerns on growth, deposits, margins, and returns.”

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