HDFC Bank stock: Citi raises target to Rs 940

On Friday, November 13, 2026, Citi raised its HDFC Bank price target from Rs 880 to Rs 940, ET Now reported. The brokerage's view centers on a potential recovery in lending growth, profitability and operating execution.

ET Now cited Citi's expectation of 15% loan growth in fiscal 2027, with small and medium-sized enterprises, small and mid-market borrowers and unsecured retail lending identified as potential drivers. Citi also sees return on equity recovering above 15% over the medium term after profitability pressure following the HDFC Ltd merger.

Margins and asset quality in focus

Deposit repricing and refinancing are part of Citi's recovery case because they could support a gradual improvement in net interest margin. ET Now reported that HDFC Bank's CASA ratio stood at 31.6%, while its net interest margin was 3.32% on interest-earning assets.

Stable asset quality is another support in the brokerage view, with credit costs expected at 0.4% to 0.5%. Slower deposit mobilisation, weaker loan growth and a delayed margin recovery remain key risks for the outlook.

Execution becomes the next test

Analyst Kranthi Bathini of WealthMills Securities told ET Now that the stock remained fairly valued on book value and other key parameters, while still offering room for gains. The next quarters will be important for judging credit growth, revenue expansion and profitability under the new leadership.

HDFC Bank stock traded at 23.40 euros on Lang & Schwarz at 15:12 CET on Friday, November 13, 2026.

Indian equities remain the broader market setting for HDFC Bank stock, alongside Current market reports.

More news and analyses on HDFC Bank stock.