HDFC Bank’s share price continued to make losses for the third straight session on Tuesday as macro factors weighed down the market.

What Happened: Jefferies maintained its “buy” rating for the stock with a price target of ₹1,800. The target implies an around 20% upside from the stock’s last closing price of ₹1,495.75.

The research firm suggested that if the lender achieves a deposit growth rate of 17-18% CAGR over March 2024 and March 2029, the bank can sustain loan growth at around 13%. Jefferies also points out that improvement in the bank’s net interest margins (NIMs) is crucial for a rise in return on assets (ROA) and potential valuation re-rating.

See Also: Tesla Hunts For Locations In Delhi And Mumbai For First India Showroom

NIMs are a key metric for banks, representing the difference between the interest income generated from loans and the interest paid on deposits relative to the bank’s interest-earning assets. The private lender is set to report its earnings later this week on Saturday.

Price Action: HDFC Bank’s share price was down 0.70% to trade at ₹1,484.20 as the markets opened on Tuesday.

Read next: Zomato Customer Gets Non-Veg Food During Navratri, Platform Responds To ‘Big Mix Up'