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LONDON, March 4 (newratings.com) - Analysts at Morgan Stanley reinitiate coverage of HDFC Bank Ltd (HDB.NYS) with an "overweight" rating. The 12-month target price is set to Rs635.In a research note published this morning, the analysts mention that the company is expected to continue to witness robust margins in the near term. HDFC Bank's core earnings in the near term are expected to be driven by its fee income, which is likely to increase at 50% CAGR during FY04-FY07, the analysts say. The company's EPS growth is likely remain at 30% during FY04-FY07, Morgan Stanley adds.