CLSA reiterated its 'Outperform' rating on HDFC Bank with a target price of Rs 1,200, suggesting over 27% upside potential. The brokerage downplayed investor concerns regarding moderating deposit growth and an elevated loan-to-deposit ratio, labeling them as temporary or misunderstood. CLSA anticipates FY27 to be a 'bounce-back year' for the bank, citing attractive valuations with a price-to-book discount to ICICI Bank and expected improvements in operating dynamics and cost rationalization. HDFC Bank shares saw early gains but traded flat by afternoon amid a weak broader market.