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.
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.
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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