Moneycontrol
Apr 19, 2017 01:56 PM IST | Source: Moneycontrol.com

Buy State Bank of India; target of Rs 335: ICICI Direct

ICICI Direct is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 335 in its research report dated April 17, 2017.

 
 
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ICICI Direct's report on State Bank of India


SBI has depicted strength in the current environment managing the asset quality and profitability well. Relatively lower exposure to stressed sectors/corporates is also keeping expectations high.


Outlook


We value banking at 1.4x FY19E consolidate ABV to Rs 200/share. We revise subsidiaries valuation with SBI Life now valued Rs 20000 crore factoring in stake sale. Rolling over to FY19E for non-banking subsidiaries we add Rs 35 to our SoTP. We revise target price to Rs 335 from Rs 310 earlier & maintain BUY.


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