Analyst Recommendations On State Bank Of India
- Maintains ‘buy’ rating; raises price target to Rs 560 apiece from Rs 385.
- Strong NII provision; large buffer built for employee provisioning.
- Asset quality is delivering better outcomes versus even private banks.
- Revises earnings estimates higher by 15-26% and expects RoEs of 14% by FY23.
- Expects material re-rating beyond 1x book.
- Still remains a deep value opportunity and current re-rating should continue.