BofA on HDFC Bank

Downgrade to Neutral from Buy; Cut target price to Rs 1830 from Rs 1850.

Navigating a tricky FY25 - risk-reward capped near term.

FY25 - balancing the positives and negatives.

A shallow rate cut cycle delays NIM recovery.

Catalysts are likely to play out only in 01 FY26.

Stock is up ~20% from February lows driven partly by index upweight optimism.

Now expect the stock's risk-reward to be in a narrow range over the next 12 months.