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SBI shares gain 2% as Citi maintains buy, raises target price

Citi has raised target to Rs 400 from Rs 375 per share on the back of higher target for SBI Life and higher multiple on core banking business.

December 27, 2019 / 10:22 AM IST
 
 
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State Bank of India (SBI) share price added over 2 percent intraday on December 27 after research house Citi maintained buy call and raised the target price.

Citi has raised target to Rs 400 from Rs 375 per share on the back of higher target for SBI Life and higher multiple on core banking business.

It believes that company will be able to stabilise its key operating parameters, while merger of its associate banks should provide leverage to gain market share.

At 10:03 hrs State Bank of India was quoting at Rs 337.15, up Rs 7.30, or 2.21 percent on the BSE.

The share touched its 52-week high Rs 373.70 and 52-week low Rs 244.35 on 18 July, 2019 and 09 October, 2019, respectively.

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Currently, it is trading 9.79 percent below its 52-week high and 37.96 percent above its 52-week low.
Moneycontrol News
first published: Dec 27, 2019 10:22 am

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