SBI can touch Rs 2700: Pandey

Pankaj Pandey, ICICI Direct feels that SBI can touch Rs 2700.
 
Pandey told CNBC-TV18, “For 2013, what we expect is that the public sector undertakings (PSU) banks are likely to do better because we expect that the asset quality concerns would peak out and the valuations are still reasonable.”
 
He further added, “But a lot of it is there in the prices. In terms of stock picks, I think we will go with State Bank of India (SBI). Though, on an absolute-basis expect it to really outperform the market. So, this is why we have a target price of about Rs 2,700 on this stock. In the mid-cap side, we like Dena Bank, which is again one of the quality bank, which has delivered a good Return on Equity (ROEs) of more than 20 percent and it is still trading below one-time book.”