SBI has target of Rs 2700: Pankaj Pandey

SBI has target of Rs 2700, says Pankaj Pandey, Head Research, ICICI Direct.

Pandey told CNBC-TV18, "In terms of banking we are positive on the sector as a whole and SBI we have a target price of Rs 2700. Although there is a wide expectation in terms of quarterly numbers for the bank ranging from about Rs 1500 crore to about Rs 2500 crore, we have an expectation of about Rs 1600 crore."
He further added, "We expect that this sector will do well over the next 6-12 months. In terms of growth definitely the private sector banks are expecting to do far better because in this quarter we are expecting the private sector banks to deliver about 22% kind of net interest income (NII) growth and about 32% kind of a bottomline growth whereas excluding SBI, the public sector banks are likely to grow at about 19% NII growth, but the bottomline would about 12%." Disclosure: It will be safer to assume that myself or my clients could be holding positions into the above stocks.