SBI Cards and Payment Services share price hit the 11-month high on Friday after the analysts at the global brokerage Goldman Sachs upgraded its recommendation to 'Buy' from 'Sell' with a hike in share price target.
The SBI-promoted card issuance company (SBI Card) share surged to a day's high of Rs 808.25 per share on the NSE, up 5.28 percent, which is also its nearly 11-month high.
Goldman Sachs has a 'Buy' call on SBI Card share with a revised price target of Rs 913 per share, up from its previous recommendation of Rs 652 apiece. The report said the downcycle is nearing its bottom and the company could be nearing its peak of credit costs over the next 2-3 quarters.
At the time of publishing, SBI stock was trading at Rs 805.10, up 4.87 percent.
The company reported a net profit flat at Rs 594 crore in the first quarter of the current fiscal. It reported a net profit of Rs 593 crore in the April-June period of the previous fiscal.
The total income during the quarter rose to Rs 4,483 crore against Rs 4,046 crore a year ago, the company said in a regulatory filing.
In another development, Goldman Sachs downgraded state-run lender State Bank of India (SBI) to 'Sell' from its earlier rating of 'Neutral' citing multiple headwinds.
The global brokerage has also cut its price target on SBI to Rs 742 from an earlier recommendation of Rs 841.
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