SBI shares extend gains as brokers raise target price after earnings
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Mumbai: Shares in State Bank of India (SBI) gained as much as 2.85%, adding to Friday’s 9.6% jump, after earlier hitting their highest level since April 2011, as brokers raised target price and estimates on the stock, citing January-March earnings.
Jefferies Group Llc raised its target price to Rs.3,415 from Rs.2,875, while maintaining its “buy” rating on the stock, while Credit Suisse Group AG upgraded target price to Rs.2,405 from Rs.2,049 and maintained “neutral” rating on the stock.
The bank on Friday reported a drop in bad loans and market-beating quarterly net profit. SBI shares were up nearly 0.6% at Rs.2,772.10 apiece at 11:21am on BSE, while the benchmark Sensex was trading 1.57% higher at 25,080.35. Reuters
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