“Maintains a Buy rating on HDFC Bank with a target price of ₹950, indicating 34% upside. An internal appointment like Kaizad Bharucha could offer initial relief through continuity. However, a credible external candidate with a strong operating track record could be a more significant catalyst for a medium-term re-rating, enabling a strategic reset and clearer growth roadmap.”

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