HDFC Bank Shares Fluctuate: CLSA Reiterates 'Outperform' with 28% Upside

• HDFC Bank shares pared early gains, trading flat despite CLSA's 'Outperform' rating.
• CLSA set a target price of Rs 1,200, indicating a potential 28% upside.
• The brokerage dismissed investor concerns regarding deposit growth and high loan-to-deposit ratio.
• CLSA noted HDFC Bank's valuation comfort, trading at a 10-12% discount to ICICI Bank.
• HDFC Bank, India's largest private lender, is set to announce Q3 FY26 earnings on January 17.

Why It Matters: HDFC Bank shares saw volatility, but CLSA maintains a bullish outlook, citing strong long-term potential.