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Last Updated : Jun 19, 2019 09:22 AM IST | Source: Moneycontrol.com

Nomura prefers SBI over ICICI, Axis Bank; sees 38% potential upside

Nomura maintains buy rating on the stock with a price target at Rs 470 apiece, implying 38 percent potential upside from the current level

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SBI | Closing Price: Rs 284.40 | Closing Price on Jan 31: Rs 293.65 | %Loss: -3.15
SBI | Closing Price: Rs 284.40 | Closing Price on Jan 31: Rs 293.65 | %Loss: -3.15
 
 
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Japanese brokerage firm Nomura said it prefers State Bank of India over private sector lenders Axis Bank and ICICI Bank now.

"We see clear growth drivers, margin upside, return on equity improvement in SBI. Even its asset quality issues are behind now," said the brokerage that raised Bank's FY20-22 EPS estimates by 5 percent.

Hence, Nomura maintains buy rating on the stock with a price target at Rs 470 apiece, implying a 38 percent potential upside from the current level.

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SBI had reported a net profit of Rs 838.4 crore for the quarter ended March 2019 against loss of Rs 7,718 crore in a year ago period. Asset quality improved as the company's gross NPA was down at 7.53 percent against 8.71 percent, while net NPA was down at 3.01 percent versus 3.95 percent, QoQ.

Disclaimer: The views and investment tips expressed by brokerages on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jun 19, 2019 09:21 am
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