New Delhi, Oct. 21 -- HDFC Bank's share price has come under pressure in 2026, declining around 29% year-to-date (YTD), as investors assess the private lender's growth momentum, margin performance and leadership transition.

However, domestic brokerage firm Anand Rathi has maintained its 'Buy' rating on the stock, with a target price of Rs.966 per share, citing reasonable valuations and favourable sector tailwinds.

The brokerage, however, believes there is still a long road ahead for HDFC Bank to catch up with ICICI Bank on key operating metrics, particularly credit growth, net interest margins (NIM) and return on equity (RoE).

According to Anand Rathi, HDFC Bank's loan growth picked up to 16.4% year-on-year (YoY) in the September quart...